DALLAS — Celanese Corp. and Mitsui & Co. are forming a food ingredients joint venture that will conduct business under the Nutrinova name.

Under the agreement, Celanese will contribute the assets, technology and employees of its food ingredients business while retaining a 30% stake in the joint venture. Mitsui will acquire the remaining 70% stake at a purchase price of $472.5 million.

Celanese’s food ingredients business features such ingredients as acesulfame potassium sweetener as well as sorbic acid and potassium sorbate preservatives.

The Nutrinova joint venture builds upon the existing long-term strategic partnership between the two companies, according to Celanese. The agreement combines the technology and product portfolio of Celanese’s business with Mitsui’s positions across the food value chain in Asia and other regions. Additionally, Celanese said it will continue to meet the acetyls raw material needs of Nutrinova under a long-term supply agreement.