SUMMIT, N.J. - Edward Munoz is ending a 30-plus year career with Celanese AG and its various predecessors and offshoots to join his brother's investment firm.
Munoz had served as chief executive officer of Celanese's Ticona Technical Polymers unit since 1999. Ticona, based in Summit, ranks as one of the world's largest engineering resin makers.
Munoz now will handle technology and emerging markets for Munoz Investment Banking Group, which is led by his brother George. Ticona chief operating officer Stefan Sommer will become Ticona's new CEO Jan. 1.
Ticona struggled in the first half of 2001 because of greatly reduced demand from the U.S. automotive market and global telecommunications market. Its first-half sales of 419 million euros ($378.5 million) was down 11 percent from the first half of 2000, while first-half profit of 38 million euros ($34.3 million) was off by 56 percent. The slowdown has not affected Ticona's expansions of an ultrahigh molecular weight polyethylene plant in Bishop, Texas, and a liquid crystal polymer plant in Shelby, N.C., both to be completed next year.