Fraport, the owner of Frankfurt airport, has signed a Letter of Intent (LOI) with chemical company Celanese/Ticona, under which the latter has agreed to close its chemical plant at Kelsterbach by the middle of 2011 to allow the building of a new runway. All aeronautical obstacles are to be removed by Celanese/Ticona and it is to transfer the entire property to Fraport by 2015.
Fraport, the owner of Frankfurt airport, has signed a Letter of Intent (LOI) with chemical company Celanese/Ticona, under which the latter has agreed to close its chemical plant at Kelsterbach by the middle of 2011 to allow the building of a new runway. All aeronautical obstacles are to be removed by Celanese/Ticona and it is to transfer the entire property to Fraport by 2015.
Fraport in return will pay EUR 650 mln as compensation to Celanese/Ticona. Negotiations for the final contracts, based on the LOI, will take place within the next few months. These final contracts will be presented to Fraport's annual general meeting (AGM). A new job-creation company, to be established by Fraport in cooperation with the State of Hesse, will take over the employees of Celanese/Ticona.
Dr. Wilhelm Bender, Fraport's executive chairman, said the deal with Celanese/Ticona was an important aspect in the expansion of Frankfurt Airport and 'securing a positive economic future for the Frankfurt/Rhine-Main region'.
