Published September 9, 2015 7:06am EDT | Updated September 9, 2015 8:05am EDT

Celanese Announces New $1 Billion Share Buyback Program

Celanese Corp. said Wednesday its board has approved a new $1 billion share buyback program. The specialty materials company said it will execute the program over the next two years. The approval is equal to about 11% of the company's outstanding shares. Shares were not yet active in premarket trade, but are up 0.7% in the year so far, while the S&P 500 has lost 4.4%.