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                                                                   EXHIBIT 4.5

                                NOTARIAL DEED

                        SALE AND ASSIGNMENT AGREEMENT
                                (VINTRON GMBH)

Negotiated at Basel/Switzerland this 19th (nineteenth) and 20th (twentieth)
day of May 2000 (two thousand).

Before me, the undersigned Notary Public

                                STEPHAN CUENI

at Basel/Switzerland appeared today:

1.    Dr. Kerstin Schweizer, born September 17, 1970, attorney-at-law, German
      citizen, with business address at D-60311 Frankfurt/Main,
      Bethmannstrasse 50-54, and private domicile at D-61440 Oberursel, Alt
      Konigstrasse 80, identified by his German Personalausweis,

      according to her declarations acting not in her own name, but in the
      name and on behalf of

      Vinnolit GmbH & Co. KG, a German limited partnership with head office at
      D-85737 Ismaning, Carl-Zeiss-Ring 25, to be registered with the
      Commercial Register at the Local Court of Munchen under Section A,
      presenting a written power of attorney dated May 17, 2000, a true copy
      of which is attached,

                                        - hereinafter referred to as "Buyer" -

2.    Dr. Ralf Christner, born January 7, 1965, attorney-at-law, German
      citizen, with private domicile at D-60318 Frankfurt am Main, Wielandstr.
      61, identified by his German Personalausweis,

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                                                                             2

      according to his declarations acting not in his own name, but in the
      name and on behalf of

      Celanese Chemicals Europe GmbH, a German limited liability company with
      head office at D-60439 Frankfurt am Main, Lurgiallee 14, registered with
      the Commercial Register at the Local Court of Frankfurt am Main under
      No. HRB 42088, presenting a written power of attorney dated May 10,
      2000, and an extract from the Commercial Register dated March 8, 2000,
      true copies of which are attached,

                                       - hereinafter referred to as "Seller" -

The acting notary asked the persons appeared prior to the notarization whether
he or any of his partners acts or acted in the matter to be recorded for any
of the parties of this deed outside his or, as the case may be, their notarial
function (Section 3 para. 1 No. 7 German Recording Act (Beurkundungsgesetz)).
The answer was negative.

The persons appeared requested this Deed including its Schedules to be
recorded in the English language. The acting Notary Public who is in
sufficient command of the English language ascertained that the persons
appeared are also in command of the English language. After having been
instructed by the acting Notary, the persons appeared waived the right to
obtain the assistance of a sworn interpreter and to obtain a certified
translation of this Deed including the Schedules hereto.

The persons appeared asked for the Notarization of the following:

                        SALE AND ASSIGNMENT AGREEMENT

                             entered into between

                       Celanese Chemicals Europe GmbH,
                     with its seat in Frankfurt am Main,

                                     (hereinafter referred to as the "SELLER")

                                     and

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                                                                             3

                            Vinnolit GmbH & Co. KG
                          with its seat in Ismaning,

                                      (hereinafter referred to as the "BUYER")

              (the Seller and the Buyer hereinafter also referred to singly as
                                the "PARTY" and collectively as the "PARTIES")

<TABLE>
<CAPTION>
TABLE OF CONTENTS                                                                   PAGE
<S>                                                                                <C>
   PREAMBLE............................................................................4
   SECTION 1 DEFINITIONS...............................................................5
   SECTION 2 SALE AND TRANSFER; EFFECTIVE DATE AND CLOSING DATE........................8
   SECTION 3 CLOSING CONDITIONS.......................................................10
   SECTION 4 INFRASERV AND OTHER CONTRACTS CONNECTED TO CELANESE......................12
   SECTION 5 CONSIDERATION............................................................14
   SECTION 6 ANNUAL ACCOUNTS..........................................................15
   SECTION 7 REPRESENTATIONS AND WARRANTIES OF THE SELLER.............................17
   SECTION 8 REPRESENTATIONS AND WARRANTIES OF THE BUYER..............................24
   SECTION 9 REMEDIES.................................................................25
   SECTION 10 INDEMNIFICATION.........................................................28
   SECTION 11 LIMITATION OF LIABILITIES...............................................36
   SECTION 12 SURVIVAL OF CLAIMS AND REMEDIES.........................................37
   SECTION 13.........................................................................38
   SECTION 14 COVENANT NOT TO COMPETE.................................................38
   SECTION 15 FURTHER COVENANTS OF THE BUYER..........................................38
   SECTION 16 CARTEL CLEARANCE, OTHER COVENANTS OF THE PARTIES........................39
   SECTION 17 GENERAL PROVISIONS......................................................39
</TABLE>

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                                                                             4
                                   PREAMBLE

WHEREAS, the Seller is a fully owned subsidiary of Celanese AG ("CELANESE");

WHEREAS, the Seller holds all shares in Vintron GmbH ("VINTRON"), a company
engaged in the chlorine chemicals business at the facilities in Knapsack
relating to the research, development, production, packaging, marketing and
sale of

      -     Chlorine

      -     Caustic Soda

      -     Hydrogen

      -     Ethylendichlorid (EDC)

      -     Vinylchlorid (VCM)

      -     Hydrochloric Acid,

such business, to the extent currently conducted, being referred to as the
"BUSINESS";

WHEREAS, Vintron is a company with limited liability, registered with the
commercial register of the local court Bruehl under HRB no. 2740. In the course
of a capital increase in kind (Sachkapitalerhoehung) from a nominal share
capital of DM 50,000 to DM 60,000, the Seller has contributed into Vintron its
chlorine chemicals business at Knapsack, including a share in InfraServ. The
capital increase has been registered in the commercial register as of 20
October 1999.

WHEREAS, the Seller holds the following shares in Vintron:

      a)    one share in the nominal amount of DM 50,000;

      b)    one share in the nominal amount of DM 10,000.

The shares referred to under a) and b) above are hereinafter collectively
referred to as the "SHARES".

WHEREAS, all production activities related to the chlorine chemicals business
as described in the second paragraph of this Preamble are located at the
facilities at Chemiepark Knapsack and the Rhine Harbour Godorf.

WHEREAS, the Seller intends to sell its shares in Vintron and, thus, to divest
the Business;

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                                                                             5

WHEREAS, the Buyer, a limited partnership which has been duly established
under the laws of Germany and reported for registration in the commercial
register on 18 May 2000, but has not yet been registered, duly represented by
its general partner CM 00 Vermoegensverwaltung 058 GmbH, registered in the
commercial register of the local court in Munich under HRB 130662 (hereinafter
referred to as CM 058 GmbH), desires to acquire the Seller's shares in
Vintron;

WHEREAS, the Buyer, at the date hereof, has further entered into an agreement
regarding the acquisition of all the shares in Vinnolit Monomer GmbH & Co KG
and in Vinnolit Monomer Geschaeftsfuehrungs GmbH from Vinnolit Kunststoff GmbH,
a joint venture of Wacker Chemie GmbH ("WACKER") and Celanese (through its
wholly owned subsidiary Diogenes Dreizehnte Vermoegensverwaltungs GmbH, to be
renamed Celanese Holding GmbH), in a separate transaction (the "VINNOLIT
TRANSACTION") which shall be consummated simultaneously;

WHEREAS, the Parties agree that the terms of the Agreement and its Schedules
shall comprehensively and conclusively constitute the entire agreement of the
parties in respect of the transactions contemplated by the Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements and
covenants hereinafter set forth, it is hereby agreed as follows:

                                  SECTION 1
                                 DEFINITIONS

For the purpose of the Agreement the terms below shall have the following
meanings:

<TABLE>
<S>                                          <C>
"ADDITIONAL PAYMENT I"                          The Payment to be made by the
                                                Seller into the equity of
                                                Vintron pursuant to Section
                                                2.4 b).

"ADDITIONAL PAYMENT II"                         The payment to be made by the
                                                Seller into the equity of
                                                Vintron pursuant to Section
                                                2.4 c).
</TABLE>

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                                                                             6
<TABLE>
<S>                                          <C>
"AGREED ACCOUNTING PRINCIPLES"                  The accounting principles
                                                applicable for the Annual
                                                Accounts as agreed between the
                                                Parties and set forth in
                                                Schedule 6.2 in order to
                                                determine the EBITDA for the
                                                time periods ending on 31
                                                December 2000 and 31 December
                                                2001 as referred to in Section
                                                6.2.

"AGREEMENT"                                     This Sale and Assignment
                                                Agreement together
                                                with all Schedules hereto.

"ANNUAL ACCOUNTS"                               The annual accounts of Vintron
                                                for the business years ending
                                                on 31 December 2000 and 31
                                                December 2001 to be prepared
                                                and audited pursuant to
                                                Section 6.2 (a) hereto.

"AUDITED ANNUAL ACCOUNTS"                       The Annual Accounts as audited
                                                pursuant to Section 6.2 (b)
                                                hereto.

"BUSINESS"                                      The business activities of
                                                Vintron as defined in the
                                                second paragraph of the
                                                preamble to the extent
                                                currently conducted.

"BUYER'S AFFILIATES"                            Enterprises affiliated with
                                                the Buyer within the meaning
                                                of Section 15 German Stock
                                                Corporation Code
                                                ["Aktiengesetz"].

"CLOSING"                                       The consummation of the
                                                transactions contemplated in
                                                the Agreement.

"CLOSING DATE"                                  The date on which the Closing
                                                occurs, as defined in Section
                                                2.4.
</TABLE>

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                                                                         7

<TABLE>
<S>                                       <C>
"EBITDA"                                     The financial figure with all
                                             depreciation and amortisation
                                             added back to the operating
                                             profit = earnings from
                                             operations
                                             ["Betriebsergebnis"] according
                                             to German GAAP consistently
                                             applied and based on the
                                             principles of balance sheet
                                             continuity and continuity of
                                             valuation in accordance with
                                             the Agreed Accounting
                                             Principles. For the avoidance
                                             of doubt, it is assumed that
                                             no management cost for the
                                             acquisition of Vintron or
                                             administration of the funds
                                             will be charged and that no
                                             business will be transferred
                                             to other entities and that
                                             business will be run with
                                             continuity of arm's length
                                             principles. For the avoidance
                                             of doubt, it is clarified that
                                             the EBITDA is calculated
                                             excluding any interest or tax.

"EFFECTIVE DATE"                             1 January 2000, 00.00 h.

"FINAL ANNUAL ACCOUNTS"                      The finally binding Audited
                                             Annual Accounts as defined in
                                             Section 6.2 (c).

"FINANCIAL STATEMENTS"                       The financial statements as
                                             defined in Section 6.1.

"GAAP"                                       German generally accepted
                                             accounting principles
                                             ["Grundsaetze ordnungsgemaesser
                                             Buchfuehrung- und Bilanzierung"].

"INFRASERV"                                  InfraServ GmbH & Co. Knapsack
                                             KG having its registered seat
                                             in Bruehl and registered in the
                                             Commercial Register at the
                                             Local Court (Amtsgericht)
                                             Bruehl under HRA 0995, an
                                             entity in which Vintron holds
                                             a minority interest as further
                                             defined in Section 4.1 hereof.
</TABLE>

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                                                                             8

<TABLE>
<S>                                          <C>
"REAL PROPERTIES"                               The essential land and
                                                premises leased ["gemietet
                                                oder gepachtet"] by Vintron or
                                                in respect of which Vintron
                                                has hereditary building rights
                                                ["Erbbaurechte"] as defined in
                                                Section 7.17.

"SELLER'S AFFILIATES"                           Enterprises affiliated with
                                                the Seller within the meaning
                                                of Section 15 of the German
                                                Stock Corporation Code
                                                ["Aktiengesetz"]

"SHARES"                                        The shares in Vintron held by
                                                the Seller as described in the
                                                fourth paragraph of the
                                                preamble.

"VESTOLIT"                                      Vestolit GmbH & Co. KG with
                                                its seat in Marl.

"VINNOLIT TRANSACTION"                          The Acquisition of all the
                                                shares in Vinnolit Monomer
                                                GmbH & Co. KG and Vinnolit
                                                Monomer Geschaeftsfuehrungs GmbH
                                                from Vinnolit Kunststoff GmbH
                                                by the Buyer in a separate
                                                transaction as described in
                                                the eighth paragraph of the
                                                preamble.

"VINTRON"                                       Vintron GmbH, a company with
                                                limited liability, registered
                                                with the commercial register
                                                of the local court of Bruehl
                                                under HRB 2740.

</TABLE>

                                  SECTION 2
              SALE AND TRANSFER; EFFECTIVE DATE AND CLOSING DATE

2.1   The Seller hereby sells the Shares to the Buyer. The Buyer hereby
      accepts the sale. The sale shall have economic effect as of the
      Effective Date (as defined in Section 2.3).

2.2   The Seller hereby transfers the Shares to the Buyer. Buyer hereby
      accepts such transfer. The transfer shall take effect from the Closing
      Date (as defined in Section

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      2.4). Prior to the Closing Date, Vintron shall execute an
      indemnification letter in which Vintron undertakes vis-a-vis the Seller
      to be fully responsible for all liabilities caused by the conduct of the
      business operation of Vintron after the Closing Date and to indemnify
      Seller and hold the Seller harmless, from all such liabilities.

2.3   Throughout this Agreement, "EFFECTIVE DATE" shall be 1 January 2000,
      00.00 h.

2.4.  Throughout this Agreement, "Closing Date" take place at the offices of
      Hengeler Mueller Weitzel Wirtz, Frankfurt am Main, or at such other
      place as Seller and Buyer mutually agree, as soon as practicable, and,
      unless otherwise agreed or waived by the Seller and the Buyer, under no
      circumstances no later than (5) five business days after all of the
      Closing Conditions (as defined in Section 3) have been satisfied:

      a)    Seller shall pay the Consideration (as defined in Section 5.1);

      b)    Seller and Vintron shall execute a loan agreement, providing for a
            DM 76 million interest free loan to Vintron to be repaid on 31
            December 2007. The loan agreement shall provide that the loan
            ranks ahead of shareholder loans, if any, granted to Vintron, and
            behind any bank financing or supplier financing regarding "PROJECT
            ZEUS" as described in SCHEDULE 2.4 b). The loan agreement shall
            further provide that the loan becomes payable on 31 December 2007
            at the latest.

2.5   Immediately prior to the performance of the acts described in Section
      2.4,

      a)    Seller shall pay an amount of DM 100 million (Deutsche Mark one
            hundred million) as additional payment into the equity (Section
            272(2) No. 4 German Commercial Code) of Vintron (the "ADDITIONAL
            PAYMENT I");

      b)    Seller shall pay an amount of DM 37 million (Deutsche Mark
            thirty-seven million) as additional payment into the equity
            (Section 272(2) No. 4 German Commercial Code) of Vintron (the
            "ADDITIONAL PAYMENT II");

      c)    the profit and loss absorption agreement of December 21, 1998
            entered into between Seller and Vintron shall be discontinued with
            effect as of the Closing Date, it being understood that, at the
            Seller's option, the fiscal year may be changed for this purpose.

2.6   The Parties shall confirm that all Closing Conditions have either been
      satisfied or waived and all actions to be taken on the Closing Date have
      been taken or waived.

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                                                                             10

                                  SECTION 3
                              CLOSING CONDITIONS

3.1   This Agreement shall be closed only if the following conditions have
      been either satisfied or waived as agreed between Seller and Buyer which
      consent by either Party shall not be unreasonably withheld:

      a)    The execution of the VC-Liefervertrag between Vintron and Vinnolit
            Monomer GmbH & Co. KG ("Vinnolit") in the form initialled between
            Vintron and Vinnolit as of 16 December 1998 pursuant to which
            Vintron undertakes to supply VCM and EDC to Vinnolit at the sites
            of Knapsack and Koeln-Merkenich.

      b)    The execution of the VCM expansion contract between Vintron and
            Krupp Uhde in the form initialled between Vintron and Krupp Uhde
            pursuant to which Krupp Uhde undertakes to plan, provide, supply
            and set up, ready for immediate occupation and manufacturing, a
            330,000 jato VCM facility, it being understood that Section 9.3 of
            the VCM expansion contract might still be subject to negotiations.

      c)    The execution of an ethylene contract between Vintron and Celanese
            AG & Co. Procurement Olefin KG providing for an amount of appr.
            150,000 t/a up to the year 2007 and on the transfer of the
            property in the ethylene pipelines L1 and L8 (consisting of L8.1,
            L8a, and L8b), for the avoidance of doubt, the section outside the
            plants as well as the section inside the plants Huerth and
            Knapsack, from Vintron to InfraServ GmbH & Co Hoechet KG at
            book-value.

      d)    Advent has obtained the final and definitive commitment by the
            banks to provide the financing required for the transactions
            contemplated by this Agreement.

      e)    The Parties shall have obtained the unconditional approval,
            clearance, or notice of none-action from the German Federal Cartel
            Office and/or the European Commission under pertinent merger
            control provisions in respect of the consummation of the
            transactions contemplated by this Agreement.

      f)    The Parties shall have reached an agreement about the use of the
            VC pipeline at the Godorf port, either by providing for a transfer
            of title in the VC pipeline

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            to Vintron or by granting long-term access to Vintron on terms
            which are fair and reasonable.

      g)    Celanese AG shall have entered into option and voting agreements
            (the "OPTION AND VOTING AGREEMENTS") (i) with Vintron regarding
            the shareholding of Celanese AG as limited partner of InfraServ
            GmbH & Co. Knapsack KG and (ii) with Vinnolit Monomer GmbH & Co.
            KG regarding the shareholding of Celanese AG as limited partner of
            InfraServ GmbH & Co. Gendorf KG, which Option and Voting
            Agreements shall provide substantially as follows:

            (i)   Celanese AG irrevocably grants (i) to Vintron the option to
                  acquire from Celanese AG a 5.1% interest as limited partner
                  ("Kommanditist") in InfraServ GmbH & Co. Knapsack KG and
                  (ii) to Vinnolit Monomer GmbH & Co. KG the option to acquire
                  from Celanese AG a 9.1 % interest as limited partner in
                  InfraServ GmbH & Co. Gendorf KG (collectively, the "KG
                  SHAREHOLDING") against payment of a purchase price amounting
                  to the book value of the AG Shareholding in the books of
                  Celanese AG as per 31 December 1999.

                  The transfer of the KG Shareholding shall be subject to the
                  approval of the partner's meeting with a majority of 80% of
                  the votes cast as provided for in the respective partnership
                  agreement ("Gesellschaftsvertrag") of the InfraServ
                  partnership and further subject to the registration of the
                  acquiror as successor by way of singular succession
                  ["Einzelrechtsnachfolge"] in the respective commercial
                  register.

                  The KG Shareholding shall not carry any potential obligation
                  to pay additional cash contributions
                  ("Nachschussverpflichtung") within the meaning of the
                  respective partnership agreement.

                  The purchase agreement shall contain the representations by
                  Celanese AG (i) that all contributions to the KG
                  Shareholding have been fully paid in and that no repayments
                  of capital contributions has been effected, neither directly
                  nor concealed, (ii) that the KG Shareholding is validly
                  existing, free and clear of any liens, rights, claims and
                  privileges of third parties and (iii) that Celanese AG may
                  freely dispose such KG

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                                                                             12

                  Shareholding, unless otherwise set forth in the respective
                  partnership agreement. No further representations,
                  warranties or guarantees shall be given by Celanese.

            (ii)  For as long as Vintron or Vinnolit Monomer GmbH & Co. KG, as
                  the case may be, does not hold more than 20 % of the voting
                  rights in the respective InfraServ partnership, Celanese
                  hereby undertakes to exercise its voting rights in partners'
                  meetings of the respective InfraServ partnership only upon
                  instruction of Vintron or Vinnolit Monomer GmbH & Co. KG, as
                  the case may be, to the extent required to avoid that
                  resolutions be adopted with a majority of 80 % of the votes
                  cast against the instructions by Vintron or Vinnolit Monomer
                  GmbH & Co. KG. Prior to such partners' meetings, Vintron or
                  Vinnolit Monomer KG, as the case may be, shall give written
                  instructions to Celanese AG specifying the reasons for the
                  desired voting.

                  Notwithstanding the generality of the foregoing, Celanese AG
                  shall use reasonable efforts to procure that the hereditary
                  building right held by Vintron at the site of Knapsack and
                  by Vinnolit Kunststoff GmbH/Vinnolit Monomer GmbH & Co. KG
                  at the site Gendorf shall be extended after expiration, and
                  that the respective partners' meetings approve the transfer
                  of the KG Shareholding to Vintron and Vinnolit Monomer GmbH
                  & Co. KG.

      h)    The closing conditions of the Vinnolit Transaction have been
            satisfied or waived (not taking into regard a closing condition
            according to which the Vinnolit Transaction shall be closed only
            if the closing condition of this Section 3.1 h) has been satisfied
            or waived).

3.2   Buyer and Seller undertake to use best reasonable endeavours to ensure
      that the closing conditions set forth in section 3.1 above are satisfied
      as soon as possible after the date hereof.

                                  SECTION 4
             INFRASERV AND OTHER CONTRACTS CONNECTED TO CELANESE

4.1   The chlorine chemicals business of Vintron is an integrated part of the
      facilities at Knapsack which is hosting, and is used by, several
      companies and has been, and

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                                                                             13

      continues to be, developed into an industrial park under the management
      of InfraServ, a limited partnership established under German law. In
      order to allow for an effective and user-oriented management of the
      site, the title in the land and buildings at Knapsack was transferred
      from Hoechst to InfraServ. Vintron is a limited partner ("Kommanditist")
      of InfraServ holding a limited partnership interest in an amount equal
      to 15% of the fixed capital (Hafteinlagen und Pflichteinlagen) of
      InfraServ as stated in the fixed capital accounts of InfraServ (it being
      understood that this partnership interest, under the rules of Section 6
      of the partnership agreement ("Gesellschaftsvertrag"), obliges the
      partner to pay 21.75% of the additional cash contributions
      ("Nachschuesse"), if any, as provided for in the contribution agreement
      between the Seller and Vintron dated December 21, 1998 as amended August
      27, 1999.

      For the avoidance of doubt, the Buyer hereby acknowledges the existence
      of contractual relationships between Vintron and InfraServ.

4.2   Seller and Vintron will discontinue the profit and loss agreement of
      December 21, 1998 entered into between Seller and Vintron as of the
      Closing Date. To the extent necessary, Buyer will, also after the
      Closing Date, cause Vintron to take all actions and cause to be issued
      all declarations which might still be necessary or appropriate for the
      due discontinuation of the profit and loss agreement and the publication
      and registration of the discontinuation with the competent authorities.

      The Parties acknowledge that the consideration has been calculated and
      the financial arrangements for the acquisition of Vintron have been made
      on the assumption that actual losses for the fiscal year 2000 would not
      be compensated by the Seller due to the profit and loss agreement. Any
      profits passed on to the Seller for the period until the Closing Date
      under the profit and loss agreement shall not be reclaimed or requested
      by Buyer; Section 5.3 shall remain unaffected.

4.3   The Buyer shall procure that Vintron will pay back in full the financial
      interest bearing liabilities, not including any trade receivables, owed
      by Vintron to the Seller and/or the Seller's Affiliates as per the
      Closing Date, if any, within 5 (five) business days, regardless whether
      due or not. On the other side, the Seller shall, and shall procure that
      the Seller's Affiliates will, pay back the financial interest bearing
      liabilities, not including any trade receivables, owed by them to
      Vintron as per the Closing Date, if any, within (5) five business days,
      regardless of whether due or not.

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                                                                             14

                                  SECTION 5
                                CONSIDERATION

5.1   The consideration for the Shares shall be negative and amount to DM
      20,861,741.50 (Deutsche Mark twenty million eight hundred sixty one
      thousand seven hundred forty one and 50/100) to be paid by Seller to
      Buyer on the Closing Date (the "PURCHASE PRICE"). The amount of the
      Purchase Price reflects the net interest bearing financial debts of
      Vintron as of 31 December 1999 (plus DM 1.00) and shall be used to
      satisfy interest bearing financial debts of the Seller.

5.2   The Additional Payment I shall be lost and forfeited provided that the
      Buyer fully complies with its obligations under Section 5.4.

5.3   Buyer shall cause Vintron to pay back the Additional Payment II minus
      the amounts paid by Vintron to the Seller pursuant to the Profit and
      Loss Agreement dated 21 December 1998 for the time period between 1
      January 2000 and the Closing Date in the amount by which the accumulated
      EBITDA as shown in the Final Annual Accounts of Vintron as of 31
      December 2000 and as of December 31, 2001 exceeds in the positive the
      amount of DM - 48,700,000.00 (Deutsche Mark minus forty eight million
      seven hundred thousand) (e.g., if the accumulated EBITDA amounts to DM -
      45,000,000 then the amount to be paid back shall be DM 3,700,000). The
      redemption claim shall become due one week after the Final Annual
      Accounts of Vintron as of December 31, 2001 have been established. For
      the avoidance of doubt, the calculated accumulated EBITDA of DM -
      48,700,000 (Deutsche Mark minus forty eight million seven hundred
      thousand) includes the DM - 20,400,000 (Deutsche Mark minus twenty
      million four hundred thousand) referred to in Section 10.3.

      The Buyer shall cause Vintron to use all reasonable endeavours to ensure
      that the EBITDA will exceed the amount referred to above. The Buyer
      shall from time to time and/or on written request of the Seller, keep
      informed the Seller in writing on Vintron's endeavours and measures
      taken in this respect. The Buyer shall cause Vintron to promptly submit
      to the Seller (i) copies of any reports and other information relating
      to the financial or economic situation of the Buyer and/or Vintron as
      delivered to the banks of the Buyer or Vintron from time to time, (ii)
      the audited consolidated and individual annual statements of the Buyer
      and Vintron and (iii) monthly management reports, substantially in the
      form as prepared by the management and delivered to Celanese as at the
      date hereof. On request of the Seller, twice a year, the Buyer shall
      grant and procure that Vintron grants, to the Seller or

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                                                                             15

      the Seller's accountants, access to its books and records or other
      relevant documents for inspection or copying regardless of whether those
      documents are situated at their properties or elsewhere.

5.4   Provided that Krupp Uhde has complied with its obligations under the VCM
      expansion contract referred to in Section 3.1 b), Buyer will cause
      Vintron to complete all planned expansion of Vintron's production and
      transport capacity at Knapsack known as Project Zeus as defined in
      SCHEDULE 2.4 B)(the "Expansion Obligation"). Buyer shall be deemed to
      have fully complied with the Expansion Obligation upon complete and
      unconditional fulfilment of its payment obligations under the VCM
      expansion contract. Furthermore, Buyer will cause Vintron to use the
      Additional Payment I for the Expansion Obligation only and that it will
      cause Vintron not to make any payments to the Buyer or any company
      affiliated with Buyer by way of release of capital reserves, decrease of
      share capital, extraordinary dividends (including hidden dividends),
      granting of intra-company loans or guarantees or any form of payment for
      which no appropriate consideration is paid.

      In the event that (i) prior to the compliance with the Expansion
      Obligation Buyer or any company affiliated with Buyer violates any of
      the aforementioned obligations, and (ii) Vintron does not comply with
      its payment or other obligations under the VCM expansion contract, then
      Buyer shall pay, and Buyer shall procure that Vintron shall pay, as
      joint debtors (Gesamtschuldner), an amount equal to the Additional
      Payments I and II which has been used contrary to the obligations set
      forth in this Section 5.4 as lump-sum damages compensation, it being
      understood that the right of Seller to claim additional damages suffered
      shall remain unaffected therefrom.

      In order to avoid any double recovery, a violation of the aforementioned
      obligations shall not result in payment obligations under this Section
      5.4 to the extent that the violation results in payment obligations
      under 5.3.

      Buyer is aware that Seller, with the approval of Buyer, has made and
      will make prepayments to Krupp Uhde for the implementation of Project
      Zeus.

                                  SECTION 6
                               ANNUAL ACCOUNTS

6.1   FINANCIAL STATEMENTS. The Seller has delivered to the Buyer complete and
      accurate copies of the audited financial statements of Vintron for the
      business year ended 31

<PAGE>   16

                                                                             16

      December 1999 (the "FINANCIAL STATEMENTS"). The Financial Statements
      have been prepared in accordance with German generally accepted
      accounting principles ("GAAP") consistently applied and based on the
      principles of balance sheet continuity ["unter Wahrung der
      Bilanzierungs- und Bewertungskontinuitaet"].

6.2   ANNUAL ACCOUNTS 2000 AND 2001. With regard to the determination of the
      EBITDA for the business years 2000 and 2001 the following shall apply:

      (a)   The Buyer shall cause Vintron to prepare, without undue delay
            after the respective record date, its annual accounts as of 31
            December 2000 and 31 December 2001 in accordance with GAAP (the
            "ANNUAL ACCOUNTS"). In order to determine the EBITDA for the
            respective business years, the Annual Accounts shall be adjusted,
            in a separate calculation, in accordance with the agreed
            accounting principles as defined in SCHEDULE 6.2 hereto (the
            "AGREED ACCOUNTING PRINCIPLES").

      (b)   The Buyer shall cause the auditor of Vintron (i) to audit without
            undue delay, but not later than (3) three months after the
            respective balance sheet date, the Annual Accounts, (ii) to adjust
            them, in a separate calculation, within such time period to comply
            with the Agreed Accounting Principles (the Annual Accounts so
            audited and, if applicable, adjusted the "AUDITED ANNUAL
            ACCOUNTS") and (iii) to make available without undue delay an
            authentic copy of the Audited Annual Accounts to the Seller.

      (c)   Within (1) one month after receipt of the Audited Annual Accounts
            for the respective years, the Seller is entitled to raise
            objections in writing that and in what respect the Audited Annual
            Accounts, to the extent relevant for the determination of the
            EBITDA, do not comply with the Agreed Accounting Principles. Any
            disputes between the Seller and the Buyer which cannot be settled
            directly between them shall be settled, upon request of either
            Party, by an independent auditor ("INDEPENDENT AUDITOR") acting as
            expert arbitrator ["Schiedsgutachter"]. If the Buyer and the
            Seller cannot mutually agree upon such expert arbitrator within
            (2) two weeks after either Party has requested its appointment,
            the expert arbitrator shall be appointed by the Institute of
            Chartered Accountants ["Institut der Wirtschaftspruefer e.V."] in
            Duesseldorf. To the extent permissible by law (Section 319 of the
            German Civil Code) the findings of such expert arbitrator shall be
            finally binding on the Parties; the Buyer and the Seller shall
            equally bear the costs of such expert arbitrator. If no objections
            will

<PAGE>   17
                                                                             17

            be raised pursuant to the first sentence of this sub-section (c)
            the Audited Annual Accounts are the "FINAL ANNUAL ACCOUNTS" within
            the meaning of this Agreement. If objections will be raised
            pursuant to sentence 1 of this sub-section, the Audited Annual
            Accounts as adjusted pursuant to the settlement between the
            Parties or pursuant to the findings of the expert arbitrators are
            the "Final Annual Accounts" within the meaning of this Agreement.

      (d)   The Buyer shall procure, and cause Vintron to procure, that the
            audited EBITDA of Vintron can be identified separately, e.g. by
            maintaining the book-keeping system ["Buchungskreise"] as
            currently used by the Companies.

      (e)   The Buyer shall request the management of Vintron to ensure that,
            on a timely basis, the Seller, any accounting firm appointed for
            these purposes by the Seller and the expert arbitrator receive all
            necessary assistance and a granted access to all relevant
            documents in order to audit and examine the Annual Accounts, to
            the same extent as if they were auditing annual accounts.

                                  SECTION 7
                 REPRESENTATIONS AND WARRANTIES OF THE SELLER

The Seller hereby represents and warrants to the Buyer by way of independent
guarantee ("Selbstaendiges Garantieversprechen") as of the date hereof and,
unless otherwise provided hereunder, as of the Closing Date, with the legal
consequences as conclusively set forth in Section 9, and subject to the terms
and conditions set forth in Section 9 and 11, as follows:

7.1   INCORPORATION AND VALID EXISTENCE OF THE SELLER. The Seller is a limited
      liability company ["GmbH"] duly established and validly existing under
      the laws of Germany and has all necessary corporate power to execute and
      deliver this Agreement and to perform fully its respective obligations
      hereunder and to consummate the transactions contemplated hereby.

7.2   INCORPORATION AND VALID EXISTENCE OF VINTRON. Vintron is an enterprise
      duly established and validly existing under the laws of Germany.

7.3   OWNERSHIP OF SHARES. The statements contained in the Preamble and
      Section 4 are correct. All contributions to the registered share capital
      of Vintron and to the interest in InfraServ have been fully paid in. No
      repayment of capital contributions has been effected, neither directly
      nor concealed.

<PAGE>   18
                                                                             18

7.4   EXISTENCE OF SHARES, THIRD PARTY RIGHTS. The Shares and the shares held
      by Vintron in IntraServ are validly existing, free and clear of any
      liens, rights, claims and privileges of third parties and the Seller may
      freely and without any restrictions dispose such shares, unless
      otherwise set forth in Section 2.1 or reflected in the corporate
      documents referred to in Section 7.5 below. No options, pre-emptive
      rights or similar undertakings have been given in respect of such shares
      and no shareholders agreement or any similar undertaking regarding such
      shares has been entered into unless otherwise reflected in the corporate
      documents referred to in Section 7.5 below.

7.5   CORPORATE STATUS OF VINTRON. The corporate documents as registered with
      and deposited at the relevant Commercial Registers and, in respect of
      InfraServe, which have been provided to Buyer are correct and duly
      reflect the corporate status of Vintron and InfraServ; no resolutions of
      the shareholder of Vintron which are required to be registered in the
      commercial register or similar registers have been passed which have not
      been registered.

7.6   CORPORATE AGREEMENTS. There are no corporate agreements in the sense of
      Sections 291,292 German Stock Corporation Act nor other cooperation or
      joint venture agreements, nor fiscal unity, domination or profit pooling
      agreements which bind Vintron.

7.7   PROFIT PARTICIPATION AGREEMENTS, SILENT PARTNERSHIPS. There are no
      agreements regarding participation in the profit of Vintron of any kind,
      in particular there are no silent partnerships, or loans with profit
      participation ["partiarische Darlehen"].

7.8   FINANCIAL STATEMENTS. The Statements made under Section 6.1 are true and
      correct.

7.9   NET INTEREST BEARING FINANCIAL DEBTS. The net interest bearing financial
      debts of Vintron (i.e. interest bearing financial debts minus cash of
      Vintron as of the Closing Date) shall not exceed the amount of DM
      35,000,000 (Deutsche Mark thirty five million) minus debts incurred up
      until the Closing Date for Project Zeus and related expansion projects
      (together the "EXPANSION PROJECTS"), it being understood that the Seller
      may cause Vintron to take all measures within the scope defined in
      Sections 7.20 and 7.21 which do not exceed the aforementioned amount.

7.10  ASSETS. Vintron

<PAGE>   19

                                                                             19

      (i)   is the sole and unrestricted owner or lessee of the assets, which
            were reflected in the Financial Statements of Vintron, with the
            exception of assets which were sold, disposed of (including the
            ethylene pipeline), replaced or, in the case of receivables,
            collected since the date of the Financial Statements, and
            including those acquired in the ordinary course of business after
            the date thereof, and

      (ii)  the owned assets are unencumbered by third parties' rights, with
            the exception of lessor's liens, liens or similar rights under
            general business terms of banks and suppliers' liens under general
            sales agreements, e.g. customary reservation of title rights
            ["Eigentumsvorbehalte"], and

      (iii) Vintron owns or leases all assets ("Anlagevermoegen") and
            inventories ("Umlaufvermoegen") necessary for carrying out the
            Business and, to the Best Knowledge, all such assets and
            inventories are in a condition which is adequate to carry on the
            Business in the ordinary course of business and in substantially
            the same fashion and manner as prior to the Closing Date, except
            for ordinary tear and wear and unless liability reserves were
            accrued;

      (iv)  to the Best Knowledge, the ordinary and extraordinary repair
            budgets provide for adequate reserves regarding Vintron's
            equipment;

      (v)   the buildings on the Real Properties are in good repair and
            condition.

7.11  BANKRUPTCY. No insolvency proceedings have been initiated against
      Vintron nor are there, to the Best Knowledge, any circumstances which
      would justify the initiation of such proceedings. No circumstances exist
      pursuant to applicable Insolvency Codes or the Voidancy Act
      ["Anfechtungsgesetz"] which would justify the voidance of this
      Agreement.

7.12  LABOUR MATTERS. To the Best Knowledge, as at the date hereof, there are
      no specific union activities involving Vintron, and there is no pending
      or, threatened strike, picketing, work stoppage, work slowdown or other
      similar labour trouble.

7.13  EMPLOYEES. To the Best Knowledge,

      (i)   all obligations, whether arising by operation of law, by agreement
            or past custom, for payments and contributions with respect to
            direct or indirect pension and retirement benefits or other
            compensational benefits, such as anniversary payments to the
            employees of Vintron, for periods prior to the date

<PAGE>   20

                                                                             20

            hereof have been paid by Vintron or adequately accrued for in the
            Financial Statements in accordance with Section 6a German Income
            Tax Act ["EStG"] and the Seller will procure that Vintron pays or
            accrues for such obligations until the Closing Date;

      (ii)  Vintron as at the date hereof does not employ or retain more than
            270 employees (not taking into account employment relationships
            which are limited in time or suspended);

      (iii) as at the date hereof none of the key-employees (Dr. Hermann
            Berwe, Dr. Michael Winhold, Hermann-Peter Mueller) have terminated
            their current employment or have threatened to terminate such
            employment. It is, however, known that Hermann-Peter Mueller will
            regularly retire in 2000.

      (iv)  There are no material informal and/or unwritten undertakings to
            employees.

7.14  MATERIAL CONTRACTS. For the purpose of this Section 7.14 all agreements
      which are material to the Business are hereinafter referred to as the
      "MATERIAL CONTRACTS". To the Best Knowledge, there are no Material
      Contracts other than the contracts presented to the Buyer in the course
      of the Due Diligence referred to in Section 9.2. The Material Contracts
      are in full force and effect and, to the Best Knowledge, are enforceable
      against the Parties thereto in accordance with their terms. To the Best
      Knowledge, no circumstances exist that will give any party to the
      Material Contracts the right to terminate, other than ordinary
      termination rights, in particular not as a result of the transactions
      contemplated under this Agreement. Vintron has not received any written
      information regarding any action or any material violation of any
      Material Contracts. For the avoidance of doubt, it is clarified that
      this Section 7.14 shall not apply to loan agreements of Vintron, in
      particular regarding working capital facilities.

7.15  INSURANCE. With regard to insurance policies

      (a)   to the Best Knowledge, each of Vintron's Assets of insurable
            nature, to the extent material to the Business, is covered by
            insurance policies (the "INSURANCE POLICIES") with insurance
            companies of good reputation duly authorised to carry on insurance
            business against fire, accident and all other risks ordinarily
            insured against as is customary in industry;

<PAGE>   21

                                                                             21

      (b)   to the Best Knowledge, Vintron has satisfied in full all of its
            material obligations under the Insurance Policies, and is not in
            material default under any of them nor does any condition exist
            with respect to any of the Insurance Policies that, with notice or
            lapse of time or both, would constitute any of such default of
            Vintron thereunder;

      (c)   there are no claims made by Vintron or any person on its behalf
            under the Insurance Policies, exceeding individually or in the
            aggregate DM 50,000 (Deutsche Mark fifty thousand), which are
            outstanding. To the Best Knowledge, no event has arisen which
            might give rise to any material claim under any of the Insurance
            Policies.

7.16  INTELLECTUAL PROPERTY RIGHTS. With regard to intellectual property
      rights the Seller represents and warrants in the form of an independent
      guarantee that

      (a)   Vintron is the exclusive owner or licensee of the intellectual
            property rights until expiration of the licensed rights listed in
            SCHEDULE 7.16 as may be amended by Seller within five business
            days from the date hereof (the "INTELLECTUAL PROPERTY RIGHTS");

      (b)   to the Best Knowledge, Vintron does not require any intellectual
            property rights other than the Intellectual Property Rights in
            order to conduct the Business as currently conducted;

      (c)   to the Best Knowledge, neither the operation of the Business nor
            its products infringe any patents or other intellectual property
            rights of any third party;

      (d)   no claim has been brought against Vintron alleging an infringement
            of intellectual property rights as at the date hereof and to the
            Best Knowledge no third party has threatened to bring any action
            regarding any such alleged infringement.

7.17  REAL PROPERTIES. The real properties as set forth under SCHEDULE 7.17
      (the "REAL PROPERTIES") constitute the essential land and premises
      leased ["gemietet oder gepachtet"] by Vintron or in respect of which
      Vintron has hereditary building rights ["Erbbaurechte"]. Vintron leases
      no land or premises with annual leases of more than DM 250,000 (Deutsche
      Mark two hundred fifty thousand) other than the Real Properties. Vintron
      does not own any real properties.

<PAGE>   22

                                                                             22

7.18  LITIGATION. Vintron is not party, neither as claimant nor defendant, to
      any litigation, including arbitration proceedings, for the avoidance of
      doubt also with regard to product liability claims, of which the amount
      in dispute exceeds DM 250,000 (Deutsche Mark two hundred fifty
      thousand). To the Best Knowledge, there are no governmental
      investigations or enquiries or administrative proceedings initiated or
      pending against Vintron in which the amount involved exceeds DM 250,000
      (Deutsche Mark two hundred fifty thousand), and, to the Best Knowledge,
      there are no such litigation, investigations, enquiries or
      administrative proceedings threatened against Vintron.

7.19  COMPLIANCE WITH LAWS. Vintron is to the Best Knowledge not in violation
      of any published law ["Gesetz im materiellen Sinne"], ordinance
      ["Verfuegung"], regulation ["Verordnung"], or any other requirement of
      any court or arbitrator, being material for the Business.

7.20  CONDUCT IN THE ORDINARY COURSE. Since 1 January 2000 until the date
      hereof,

      (a)   the Business of Vintron has been conducted in the ordinary course
            and shall continue to be conducted in the ordinary course until
            the Closing as a going concern, it being understood that all
            actions taken by Vintron for the implementation of the Expansion
            Projects shall be deemed to be in the ordinary course of business.

      (b)   Vintron has not declared any dividends in respect of the Shares
            and no such Dividends shall be declared until the Closing, except,
            for the avoidance of doubt, payments to be made under the loss and
            profit agreement as of 21 December 1998.

7.21  ABSENCE OF MATERIAL ADVERSE CHANGES. Since 1 January 2000 until the date
      hereof,

      (i)   the remunerations payable to the managing directors, officers,
            employees, agents or consultants have not been increased outside
            the ordinary course of business;

      (ii)  Vintron has not incurred any material liabilities or entered into
            any other material transactions outside the ordinary business,
            except for investments connected with the Expansion Projects as
            defined in Section 7.9;

<PAGE>   23

                                                                             23

      (iii) there has not been any material loss or damage to, or any material
            interruption in the use of any of Vintron's material assets;

      (iv)  Vintron has not made any capital expenditures [("Ausgaben zur
            Anschaffung von Anlagevermoegen")] which, in the aggregate since 1
            January 2000, exceed DM 5,000,000.00 (Deutsche Mark five million),
            except for expenditures regarding the Expansion Projects.

      (v)   there has not been any material adverse change, either
            individually or in the aggregate, in the Business of Vintron.

      (the events under (i) - (v) hereinafter the "MATERIAL ADVERSE CHANGE").

      From the date hereof through the Closing Date, the Seller shall (A)
      cause Vintron not to enter into arrangements constituting a Material
      Adverse Change within the sense of (i), (ii) or (iv) above without the
      prior consent of the Buyer, and (B) promptly inform the Buyer if any of
      such Material Adverse Changes within the sense of (iii) or (v) above
      occurs from the date hereof through the Closing Date.

      The Seller and the Buyer shall be entitled to rescind this Agreement if
      a Material Adverse Change occurring from the date hereof through the
      Closing Date, without the consent of the Buyer, results in damage or
      liabilities of Vintron exceeding DM 12,500,000 (Deutsche Mark twelve
      million five hundred thousand), unless covered by insurance policies.

7.22  FINDER'S FEES. Vintron has not incurred any liability or brokerage or
      finders' fees or agents' commissions or similar payments in connection
      with this Agreement.

7.23  TRADE RECEIVABLES. As of the Closing Date 90% of accounts receivable
      shall be collectible within (6) six months after the Closing Date
      without deductions, unless customary or agreed by Vintron with the
      respective customer. The Seller and the Buyer agree that in the event
      that the representation and warranty made under this Section 7.23
      results in a claim of the Buyer pursuant to the terms and conditions set
      forth in Section 9, the Buyer shall cause Vintron to assign accounts
      receivables to the extent the Seller is in breach of the representation
      set forth in this Section 7.23 to the Seller. The Buyer shall procure
      that any payments of such receivables to Vintron after the transfer of
      title shall be promptly paid to the Seller. The Buyer shall give,
      without undue delay, immediate notice of the transfer of title to the
      debtors ["Abtretungsanzeige"].

<PAGE>   24

                                                                             24

7.24  LIABILITIES. Vintron has no liabilities obligations within the sense of
      Section 251 HGB ["Haftungsverhaeltnisse"] or any other security
      arrangements (e.g. letters of comfort ["Patronatserklaerungen"]) for
      liabilities of third parties, except as reflected or reserved against in
      the Financial Statements or as stated under the balance sheet of the
      Financial Statements or unless otherwise disclosed in SCHEDULE 7.24.

7.25  BEST OF KNOWLEDGE. If a representation and warranty under this Agreement
      is made to the best of knowledge (the "BEST KNOWLEDGE"), such Best
      Knowledge shall be present if the managing directors of Celanese and
      Celanese Chemicals Europe GmbH and Vintron should have obtained
      knowledge about the underlying facts and circumstances giving rise to a
      breach of the representation or guarantee applying the standard of care
      of a prudent businessman pursuant to Section 43 German Limited Liability
      Companies Act ["GmbHG"], provided, however, such representation and
      warranty shall not imply an obligation of such managing directors and
      key employees to make any special inquiry or investigation merely by
      reason of the transactions contemplated by this Agreement.

                                  SECTION 8
                 REPRESENTATIONS AND WARRANTIES OF THE BUYER

8.1   INCORPORATION, CORPORATE POWER. The Buyer represents and warrants to the
      Seller by way of independent guarantee ["selbstaendiges
      Garantieversprechen"] that, as of the date hereof and as of the Closing
      Date, the Buyer is a limited partnership duly established under the laws
      of Germany, having all requisite corporate power and authority to
      execute, deliver and perform its obligations under the Agreement and to
      consummate the transactions contemplated hereby, and CM 058 GmbH as its
      general partner is a company duly incorporated and registered under the
      laws of Germany as a limited liability company ["GmbH"] in the local
      court in Munich under HRB 130662.

8.2   CORPORATE ACTION. The Buyer represents and warrants to the Seller by way
      of independent guarantee ["selbstaendiges Garantieversprechen"] that the
      Buyer has taken all necessary corporate action and obtained all
      necessary consents to authorise (i) the execution and delivery of the
      Agreement and (ii) the performance of the Agreement and the consummation
      of the transaction contemplated thereby.

8.3   FINANCING AND CARTEL APPROVAL. The Buyer represents and warrants as of
      the date hereof and as of the Closing Date to the Seller by way of
      independent guarantee

<PAGE>   25

                                                                             25

      ["selbstaendiges Garantieversprechen"] that, to its best knowledge, there
      are no existing facts or circumstances which

      (i)   might affect its potential obligation to repay the Additional
            Payment I as set forth in Section 5.4, or the Additional Payment
            II as set forth in Section 5.3 and 5.4, or

      (ii)  on the side of the Buyer and the Buyer's Affiliates are of
            relevance from a cartel law point of view and which might prevent
            clearance by any cartel authorities referred to in Section 16. The
            Seller is aware that the Buyer holds an interest in Vestolit equal
            to approx. 10% of the total share capital of the company.

                                  SECTION 9
                                   REMEDIES

9.1   REINSTATEMENT. Unless otherwise provided in this Agreement, if and to
      the extent that representations and warranties of the Seller are
      incorrect and result in a claim of the Buyer under Section 7, the Seller
      shall

      (a)   put Vintron in a position as if such incorrect representations and
            warranties were true ["Naturalrestitution"] or, at the Seller's
            option,

      (b)   pay the amount in cash to the Buyer or Vintron which corresponds
            to the loss of Vintron in respect of the matter giving rise to the
            claim.

      If the Seller fails to make the incorrect representations and warranties
      true within a period of (2) two months following receipt of written
      notice of such claim pursuant to (a) above, at the Buyer's option, the
      Seller shall effect payment of the amount in cash which corresponds to
      the damage (within the sense of Section 249 Sentence 2 BGB, unless
      otherwise set forth in Section 9.4) of Vintron either to Vintron or to
      the Buyer. Sections 377, 378 HGB shall not apply. In the event of a
      violation of Section 7.9, the Seller shall, in deviation from this
      Section 9.1, be obliged to grant a loan to Vintron equal to the amount
      by which the net interest bearing financial debts have been incurred in
      violation of Section 7.9. The loan shall be repayable without interest
      (5) five business days after the amount of Vintron's net interest
      bearing financial debts meets, or falls short of, the amount described
      in Section 7.9. The Buyer shall cause Vintron to use all reasonable
      efforts to reduce the interest bearing

<PAGE>   26
                                                                             26

      debts minus debts incurred up until the Closing Date for the Expansion
      Projects to or below the amount of DM 30,000,000 (Deutsche Mark thirty
      million) within the ordinary course of business.

9.2   BUYER'S KNOWLEDGE. The Seller shall not be liable to the Buyer for any
      claims brought by the Buyer in respect of any alleged breach of a
      representation or warranty made by the Seller herein, if the Buyer or
      its advisors at the date hereof had knowledge of such breach within the
      sense of Section 460 of the German Civil Code ["BGB"]. The Buyer
      confirms that it and its advisers have thoroughly examined the legal,
      tax and financial information relating to Vintron ("DUE DILIGENCE"). The
      Buyer and/or persons appointed by the Buyer furthermore had the
      opportunity to have detailed discussions with members of the management
      board of the Seller and Vintron. The restrictions pursuant to Section
      460 BGB shall not apply with respect to the representations given in
      Section 7.3 regarding InfraServ.

9.3   NO FURTHER REPRESENTATIONS AND WARRANTIES. The Buyer may only bring or
      assert claims in respect of representations and warranties which are
      expressly referred to and stated in Section 7 as being made by the
      Seller and no further statements, representations, warranties or
      guarantees are made, or deemed to be made, by the Seller, other than
      those expressly and conclusively set forth in Section 7. In particular,
      the Buyer shall not be entitled to rely on the prospective development
      of Vintron, including, but not limited to, business forecasts, expected
      earnings, budgetary accounting and the like (including the statements
      made in the Business Plan or any other business plans or budgets of
      Vintron) prepared in regard to Vintron.

9.4   DETERMINATION OF DAMAGES; CONSEQUENTIAL DAMAGES. The Seller shall not be
      liable for any reputation damages. Any damage shall be calculated
      strictly on Vintron's level and shall, if applicable, be determined by
      applying a discount factor on a discounted cash flow basis, calculated
      on the basis of the 12-months-EURIBOR plus 250 basis points
      ["Basispunkte"], not taking into consideration circumstances and/or
      considerations of the Buyer, such as (but not limited to) the multiple
      which the Buyer applied when valuating the Business. For the avoidance
      of doubt, it is clarified that the Buyer shall in no event be entitled
      to bring or assert any claim and the Seller shall not be held liable for
      any consequential damages ["mittelbare Schaeden" bzw. "Folgeschaeden"] of
      the Buyer, in particular (but not limited to) loss of profit by the
      Buyer.

<PAGE>   27

                                                                             27

9.5   NO ENVIRONMENTAL WARRANTIES. Any environmental pollution, i.e. pollution
      or other strains of soil, groundwater, air surface, facilities or
      buildings shall solely and exclusively be subject of the terms and
      conditions of the indemnification clause as set forth in Section 10.1.
      The Seller shall not be liable for (i) Environmental Pollution or (ii)
      other claims relating to pollution or other strains of soil,
      groundwater, soil air, surface water, facilities or buildings of
      whatever nature and based on whatever legal grounds, and neither of the
      representations or warranties made in Section 7 are made, or deemed to
      be made, with regard to environmental pollution, unless provided for
      otherwise in Section 10.1.

9.6   NO DOUBLE RECOVERY. The Buyer shall not be entitled to bring or assert
      any claims pursuant to Section 9 if and to the extent (i) the annual
      accounts contain a provision for the matter violating the respective
      representation and warranty, if the amount of loss, damage, expense or
      liability incurred is less than the amount contained in such specific
      provision or (ii) recovery, payment or compensation for a specific
      matter violating the respective representation and warranty has already
      been obtained by the Buyer or Vintron in whatever manner and from
      whatever source, so as to avoid the Buyer receiving double recovery for
      such specific matter. For the avoidance of doubt it is further clarified
      that Section 254 of the German Civil Code shall be applicable.

9.7   EXCLUSIVE REMEDIES. The rights of the Buyer pursuant to Section 9 shall
      be the sole and exclusive remedies for the breach of any of the
      provisions in Section 7, any other claim or right, whether for damages,
      reduction of price ["Minderung"] or rescission ["Wandelung",
      "Ruecktritt"], prior to or after the Closing, for culpa in contrahendo,
      clausula rebus sic stantibus or on any other legal basis shall be - to
      the extent legally permissible - excluded, except for claims based upon
      wilful misconduct ["Vorsatz oder Arglist"].

9.8   RESCISSION. If the clearance by the European Commission or the German
      Federal Cartel Office, as the case may be ("CARTEL APPROVAL"), has not
      been granted within (6) six months after the date hereof, then the
      Seller or the Buyer may rescind this Agreement. In such case, the
      Parties will carry their respective costs incurred in connection with
      this Agreement individually, waiving any claims they may have hereunder
      or which they may have become entitled to in the course of negotiations
      leading to the signing hereof against one another to the extent that the
      other Party has performed and complied in all material respects with
      their obligations under the Agreement. The Seller or the Buyer shall
      further be entitled to rescind this Agreement if any of the other
      conditions precedent pursuant to Section 3 are not

<PAGE>   28

                                                                             28

      fulfilled or waived (x) within (3) three months after the date hereof or
      (y) within 10 (ten) business days after the Cartel Approval has been
      granted, whichever occurs later.

                                  SECTION 10
                               INDEMNIFICATION

10.1  ENVIRONMENTAL. In respect of claims resulting from the pollution of
      soil, soil air ("Bodenluft"), groundwater, surface water, buildings or
      facilities, which cause adverse changes of the condition of the soil
      resulting in dangers, substantial disadvantages or substantial nuisance
      for the individual or the public ["Schaedliche Bodenveraenderung" i.S.d.
      Section 2 BBodSchG] or any other dangers for the individual or the
      public ["Gefahren fuer den Einzelnen oder die Allgemeinheit"] pursuant to
      other applicable German laws (the "ENVIRONMENTAL POLLUTION") including
      claims of any Governmental authority or of InfraServ, or any third
      party, the Buyer or Vintron, as the case may be, shall be indemnified in
      accordance with the terms and conditions provided under this Section
      10.1 only.

      "ENVIRONMENTAL LIABILITIES" shall be all costs (including third party
      claims) incurred in connection with the investigation, elimination or
      remediation of Environmental Pollution in order to comply with (i) final
      ["bestandskraeftig"] or immediately enforceable ["sofort vollziehbar"]
      administrative acts ["Verwaltungsakte"], (ii) final ["rechtskraeftig"]
      court decisions, or (iii) agreements entered into, in order to avoid
      acts and decisions as defined in (i) and (ii), with the consent of the
      Seller, with administrative authorities, or neighbours, (iv) the need to
      remediate an imminent danger for the well-being or health ["Gefahr im
      Verzug fuer Leib oder Leben"], or, to the extent that an omission of
      taking immediate action would result in a criminal offence, groundwater
      ["Grundwasser"], in each case if and to the extent that such
      Environmental Liabilities are based on the laws and regulations
      applicable or formally published by the relevant authorities as of the
      Closing Date. Vintron or the Buyer, as the case may be, shall be
      indemnified and held harmless from the Environmental Liabilities in
      accordance with the provisions following hereunder by the Seller:

      The indemnification by the Seller includes, but is not limited to,
      claims brought by InfraServ pursuant to paragraph 6 of the partnership
      agreement of InfraServ in

<PAGE>   29

                                                                             29

      respect of additional cash contributions ["Nachschuesse"] as may be
      requested to be assumed by Vintron, as set forth in lit. (c) of this
      Section 10.1

      In all cases of pollution or other strains of soil air, groundwater,
      air, surface water, facilities or buildings occurred prior to the
      Closing Date, the Buyer and Vintron shall be authorised to raise claims
      under, and in accordance with, the terms and conditions of this Section
      10.1 only. Section 7.19 remains unaffected in the event a violation of
      Section 7.19 results in the occurrence of such pollution and/or strains
      after the Closing Date. Subject to the terms and conditions as set forth
      in this Section 10.1 the Seller shall indemnify and hold harmless
      Vintron or the Buyer, as the case may be, as follows:

      (a)   SUBSTANCES NO LONGER IN USE. If and to the extent the
            Environmental Pollution is caused by substances which on or after
            the Closing Date are not used by Vintron and unless the
            Environmental Pollution is caused after the Closing Date, the
            Seller shall indemnify and hold harmless Vintron for any
            Environmental Liabilities which become due

            (i)   in the period from the Closing Date through 31 December 2009
                  by 100%,

            (ii)  in the period from 1 January 2010 through 31 December 2010
                  by 80%,

            (iii) in the period from 1 January 2011 through 31 December 2011
                  by 60%,

            (iv)  in the period from 1 January 2012 through 31 December 2012
                  by 40%, and

            (v)   in the period from 1 January 2013 through 31 December 2013
                  by 20%.

            Any Environmental Liabilities which become due after 31 December
            2013 shall be assumed by Vintron or the Buyer, and Vintron and the
            Buyer shall indemnify and hold harmless the Seller from any such
            Environmental Liabilities, and any Environmental Liabilities not
            to be borne by the Seller pursuant to the sliding scale set forth
            above, asserted against them. For the purpose of allocating the
            Environmental Liabilities to the respective time periods set forth
            in the above sliding scale any Environmental Liabilities become
            due

            -     in case of Environmental Liabilities in the meaning of
                  Section 10.1 paragraph 2 (i) and (ii) at the time when the
                  Buyer has notified the Seller

<PAGE>   30

                                                                             30

                  in writing and in substantiated form of the nature and scope
                  of the respective Environmental Pollution, provided,
                  however, that the administrative act ("Verwaltungsakt") is
                  issued within (8) eight months (taking into account any
                  possible negotiation period under the next recital)
                  following such notification, and provided further that the
                  Buyer and Vintron have fully complied with their obligations
                  pursuant to (i) (Further Condition) (iv) below, otherwise at
                  the time when the administrative act ["Verwaltungsakt"] is
                  issued;

            -     in case of Environmental Liabilities in the meaning of
                  Section 10.1 paragraph 2 (iii) at the time when the Buyer
                  has notified the Seller in writing and in substantiated form
                  of the nature and scope of the respective Environmental
                  Pollution, provided, however, that any agreement between
                  Buyer and Seller on an indemnification is achieved within
                  (4) four months following such notification;

            -     in case of Environmental Liabilities in the meaning of
                  Section 10.1 paragraph 2 (iv) at the time when the Buyer has
                  notified the Seller in writing and in substantiated form of
                  the nature and scope of the respective Environmental
                  Pollution, provided, however, that any remediation has been
                  commenced within (4) four months following such
                  notification.

      (b)   SUBSTANCES STILL IN USE. If and to the extent the Environmental
            Pollution is caused by substances which at the Closing Date are
            still in use by Vintron, and provided that the Environmental
            Pollution is caused prior to the Closing Date, the Seller shall
            indemnify and hold harmless Vintron or the Buyer for any
            Environmental Liabilities which become due

            (i)     in the period from the day hereafter through 31 December
                    2001 by 90%,

            (ii)    in the period from 1 January 2002 through 31 December 2002
                    by 80%,

            (iii)   in the period from 1 January 2003 through 31 December 2003
                    by 70%,

            (iv)    in the period from 1 January 2004 through 31 December 2004
                    by 60%,

            (v)     in the period from 1 January 2005 through 31 December 2005
                    by 50%,

            (vi)    in the period from 1 January 2006 through 31 December 2006
                    by 40%,

<PAGE>   31

                                                                             31

            (vii)   in the period from 1 January 2007 through 31 December 2007
                    by 30%,

            (viii)  in the period from 1 January 2008 through 31 December 2008
                    by 20%,

            (ix)    in the period from 1 January 2009 through 31 December 2009
                    by 10%.

            Any Environmental Liabilities which become due after 31 December
            2009 shall be assumed by Vintron or the Buyer, and Vintron and the
            Buyer shall indemnify and hold harmless Seller from any such
            Environmental Liabilities, and any Environmental Liabilities not
            to be borne by the Seller pursuant to the sliding scale set forth
            above, asserted against them.

            For the purpose of allocating the Environmental Liabilities to the
            respective time periods set forth in the above sliding scale the
            last sentence of Section 10. 1 (a) above shall apply.

      (c)   Notwithstanding the provisions under (a) and (b), in the event
            that Vintron, as a limited partner of InfraServ, is requested to
            assume additional cash contributions ["Nachschuesse"] pursuant to
            Section 6 of the Partnership Agreement ["Gesellschaftsvertrag"] of
            InfraServ for Environmental Pollution not directly attributable to
            the Business, which become due as from 1 January 2010, and unless
            the Environmental Pollution is caused after the Closing Date, the
            Seller shall indemnify and hold Vintron harmless from

            (i)   contributions which become due in the period from the
                  Closing Date through 31 December 2009 by 100%

            (ii)  contributions which become due in the period from 1 January
                  2010 through 31 December 2010 by 80%,

            (iii) contributions which become due in the period from 1 January
                  2011 through 31 December 2011 by 60%,

            (iv)  contributions which become due in the period from 1 January
                  2012 through 31 December 2012 by 40%,

            (v)   contributions which become due in the period from 1 January
                  2013 through 31 December 2013 by 20%.

<PAGE>   32

                                                                             32

            There shall be no obligation of the Seller to indemnify Vintron
            for, or hold Vintron harmless from, any additional cash
            contributions which become due after 31 December 2013, and Vintron
            and the Buyer shall indemnify and hold harmless the Seller from
            any such cash contributions, and any cash contributions not to be
            borne by the Seller pursuant to the sliding scale set forth above,
            requested from the Seller.

      (d)   PROCEEDINGS AND RESTRICTIONS. Vintron or the Buyer, as the case
            may be, shall (i) inform the Seller promptly (in any case in good
            time prior to expiration of any appeal periods) of the assertion
            of any claim or any demand, action, proceeding or judgment related
            to or in connection with Environmental Pollution and the
            Environmental Liabilities, (ii) take any reasonably necessary
            action in the defence of such claim, action, proceeding or
            judgment, if instructed by the Seller, (iii) fully co-operate with
            the Seller in the defence or settlement in respect of the
            Environmental Liabilities, (iv) grant advantage to the Seller to
            participate in the defence of any claim, suit action or
            proceeding, and (v) make no admission to the claimant or
            settlements without its prior written approval. In particular, the
            Buyer undertakes to inform, and shall cause that Vintron
            undertakes to inform, the Seller without undue delay of any
            environmental pollution which has been notified to the relevant
            Governmental authorities. Furthermore, the Buyer shall inform and
            consult or cause Vintron to inform and consult with Seller before
            corrective actions with regard to environmental pollution,
            including investigation and transportation, storage and treatment
            of polluted soil, water or buildings, are taken. If the Buyer or
            Vintron are obliged to act immediately in a case of imminent
            danger ["Gefahr in Verzug"] the Buyer or Vintron shall be obliged
            to act with the care of a prudent businessman before informing and
            consulting with the Seller. The Seller shall be given the
            opportunity to comment on, participate in and review any reports
            on or relevant investigations, orders or other measures which may
            with a reasonable likelihood give rise to Environmental
            Liabilities, and the Buyer shall ensure that the Seller receives
            without undue delay copies of all such documents.

      (e)   ARBITRATOR. In the case of Section 10.1 (b) the following shall
            apply:

            If the Seller and the Buyer cannot agree as to whether or to what
            extent the Environmental Pollution occurred prior or after the
            Closing Date, the Seller and the Buyer shall jointly appoint an
            independent environmental expert (the

<PAGE>   33

                                                                             33

            "Expert"). If the parties cannot, within 6 weeks after the Seller
            receiving notice of the Environmental Pollution by the Buyer,
            agree on the Expert, a neutral and reputable Expert shall be
            determined by the president of the Industrie- und Handelskammer
            Frankfurt. The costs of the Expert and the determination of the
            Expert shall be borne by the Parties to the extent the Expert's
            determination is detrimental to the respective Parties.

            The Expert shall finally determine whether the Environmental
            Pollution occurred prior of after the Closing Date. If the Expert

            (A)   determines that the Environmental Pollution occurred prior
                  to the Closing Date, then the sliding scale referred to
                  above under 10.1 (b) shall apply;

            (B)   determines, that the Environmental Pollution occurred on or
                  after the Closing Date, then the Seller shall not be liable
                  at all;

            (C)   cannot determine whether the Environmental Pollution
                  occurred prior or after the Closing Date, then the sliding
                  scale referred to above under 10.1 (b) shall apply.

            The Expert shall base his determination on a thorough
            investigation of the pollution, its circumstances and the safety
            and environmental protection standards applied by Vintron. The
            Buyer shall procure that Vintron will provide the Expert with all
            information which he deems necessary for his determination and
            grant access to Vintron's sites as may be required. If the Expert
            states that he cannot make a determination because Vintron has not
            complied with its obligations set forth above, then the
            Environmental Pollution shall be deemed to have occurred after the
            Closing Date.

      (f)   DE MINIMIS THRESHOLD. The Seller shall only be liable for
            indemnification under this Section if, and solely to the extent
            that, the individual Environmental Liability exceeds DM 100,000
            (Deutsche Mark one hundred thousand) and the aggregate
            Environmental Liability in each calendar year exceeds DM 500,000
            (Deutsche Mark five hundred thousand).

      (g)   INDEMNIFICATION CAPS. There is no special cap of indemnification
            under this Section 10.1. Instead the Total Seller Liability Amount
            as defined in Section 11.2 also applies to the indemnification
            under this Section 10.1.

<PAGE>   34
                                                                             34

      (h)   NO DOUBLE RECOVERY. Section 9.7 shall apply mutatis mutandis,
            provided that in this respect, if any insurance coverage for
            Environmental Liabilities, if existing, should have been reduced
            after the Closing Date, such amounts shall be taken into account
            to the favour of the Seller, which would have been recovered under
            the insurance policies in force as of the Closing Date, unless
            such insurance coverage cannot be obtained by an insurance
            company, or only be obtained at conditions which are substantially
            unfavourable compared to the current conditions.

      (i)   FURTHER CONDITIONS. The obligation of the Seller to indemnify
            Vintron or the Buyer, as the case may be, pursuant to this Section
            10.1 does not apply to the extent the Environmental Liabilities
            have, directly or indirectly, been caused or increased by the fact
            that either Vintron or the Buyer or any other person conducting
            the Business or other businesses at the respective sites after the
            Closing Date

            (i)   has not complied with any applicable laws, regulations,
                  orders, notices including applicable standards for security
                  and environmental protection (provided that such
                  non-compliance is not caused by a non-compliance by the
                  Seller or Vintron prior to the Closing Date which could not
                  be remedied by Vintron or the Buyer within reasonable time);
                  or

            (ii)  failed to mitigate damages pursuant to Section 254 German
                  Civil Code; or

            (iii) changes the use of the sites, in particular non-temporarily
                  (exceeding a period of (6) six months) partly or completely
                  ceases plant operations, or parts thereof, of the Business
                  of Vintron; or

            (iv)  has disclosed to any governmental authority ["Behoerde"]or
                  any private unaffiliated third party (excluding advisors and
                  agents of Vintron and/or the Buyer), directly or indirectly,
                  environmental pollution, or taken any other exploratory or
                  investigative measures, except where such disclosure or
                  measure was required to be made by a final
                  ["bestandskraeftig"] or immediately enforceable ["sofort
                  vollziehbar"] administrative act ["Verwaltungsakt"] or
                  unless such disclosure was required by law.

10.2  TAX INDEMNIFICATION. With regard to any taxes and ancillary taxes
      ["Steuern und steuerliche Nebenleistungen"] within the sense of Section
      3 AO ["Abgabenord-

<PAGE>   35
                                                                             35

      nung"] and including social security contributions (the "TAXES")
      concerning the period prior to the Effective Date the Parties agree as
      follows:

      (a)   TAX ASSESSMENTS. Concerning the period prior to the Effective Date
            the Parties shall co-operate with regard to any Taxes. The Buyer
            shall notify the Seller promptly about any order announcing a Tax
            or relevant other audit that may partially or fully extend any
            Taxes relating to Vintron for any taxable periods
            ["Veranlagungszeitraeume"] ending before the Effective Date (the
            "TAXABLE PERIOD"). Copies of such order shall promptly be
            forwarded to the Seller by registered mail ["Einschreiben mit
            Rueckschein"]. The Seller shall be fully authorised to participate
            in the negotiations with tax and other authorities concerning such
            Taxes regarding the Taxable Period. The Seller is entitled to lead
            such negotiations and the Buyer will keep the Seller closely
            informed about any audits or investigations of the relevant
            authorities in an appropriate manner. The Seller shall be
            authorised to appeal at its own cost in Vintron's name against any
            Tax or other assessment notice concerning the Taxable Period.

      (b)   TAX INDEMNIFICATION. Upon receipt of the relevant Tax assessment
            notice by either the Buyer or Vintron, the Seller shall be liable
            for the payment of, and shall indemnify and hold harmless the
            Buyer or Vintron, as the case may be, from all Taxes assessed
            against Vintron by any tax authority for any business year within
            the Taxable Period which exceed reserves and provisions for Taxes
            for the specific business years as reflected in the financial
            statements of Vintron (the "SURPLUS TAXES"). The Buyer shall vice
            versa procure that Vintron shall compensate the Seller for all
            reduced Taxes ["Mindersteuern"] concerning the Taxable Period
            which fall short of the reserves and provisions for Taxes for the
            Taxable Period as reflected in the financial statements (the
            "Reduced Taxes").

      (c)   DISPUTES. In the event of any disagreements or disputes arising in
            respect of, or in connection with, the determination of the
            Surplus Taxes or the Reduced Taxes, the Independent Auditor shall
            on request of either of the Parties determine the respective
            Surplus Taxes and/or Reduced Taxes in a binding manner. The costs
            incurred by the assignment of the Independent Auditor shall be
            borne by the Parties in proportion the determination being
            detrimental to the respective Party's interest.

<PAGE>   36
                                                                             36

10.3  VCM SUPPLY AGREEMENT. Seller guarantees that Vintron will be provided
      with sufficient VCM up to 155 kt from third parties or from Seller in
      order to satisfy its obligations under the VC-Liefervertrag as described
      in Section 3.1 a) (until 31 December 2001) by undertaking to compensate
      Vintron as follows: (i) In the event of a lack of supply, the Seller has
      to pay a penalty to Vintron (payable to Vinnolit) equal to the lost
      contribution margin of Vinnolit which is fixed between the parties at an
      amount of 450 DM/t VCM (in aggregate the "LOST CONTRIBUTION MARGINS");
      and (ii) in the event that Vintron incurs losses resulting from the VCM
      procurement and consecutive sale pursuant to the VC-Liefervertrag at
      prices as determined pursuant to the VC-Liefervertrag described in
      Section 3.1 a) ( the "VCM LOSSES"), Seller shall compensate the VCM
      Losses up to a maximum amount of DM 450 DM/t VCM for each single
      purchase transaction, provided, however, that in each of the cases (i)
      and (ii) payments by Seller shall have to be made only to the extent the
      sum of the Lost Contribution Margins and the VCM Losses exceeds in
      aggregate DM 20.4 million as stated in the business plan. Buyer shall
      procure that Vintron sources VCM only after consultation with, and
      approval by, Seller or, at Seller's option, Celanese AG & Co.
      Procurement Olefin KG.

10.4  SHUT DOWN LIABILITIES. Seller submitted to Buyer documentation according
      to which Vintron as part of the contribution of the chlorine
      electrolysis products business Huerth-Knapsack to Vintron by Seller might
      have assumed indemnification obligations of Seller towards the mono
      chlorine acetic acid business currently controlled by Clariant GmbH in
      the event of a shut down of the chlorine-electrolysis plant in
      Huerth-Knapsack ("Celanese Obligation").

      Seller shall be liable for the payment of and shall indemnify and hold
      harmless the Buyer and Vintron for any and all liabilities, costs and
      expenses resulting from the assumption of the Celanese Obligations.

                                  SECTION 11
                          LIMITATION OF LIABILITIES

11.1  DE MINIMIS THRESHOLDS. No claim may be brought by the Buyer in regard to
      this Agreement unless (i) an individual claim exceeds DM 250,000
      (Deutsche Mark two hundred fifty thousand) and (ii) the aggregate claims
      exceed DM 1,000,000 (Deutsche Mark one million) ("De minimis
      Thresholds"). In the event that the Buyer's claims exceed the De minimis
      Thresholds, only the amount of the claims

<PAGE>   37

                                                                             37

      actually exceeding the De minimis Thresholds may be recovered by the
      Buyer ["Freibetraege"]. The foregoing De minimis Threshold shall not
      apply to any claims regarding defects of ownership of the Shares
      pursuant to Section 7.3 and 7.4.

11.2  TOTAL CAP ON CLAIMS. The total liability the Seller may become subject
      to under this Agreement (for the avoidance of doubt including, but not
      limited to, any claims under Section 10.1) is limited to a total
      aggregate amount of DM 70,000,000 (Deutsche Mark seventy million) (the
      "TOTAL SELLER LIABILITY AMOUNT"). This shall neither apply to any
      defects of ownership of the Shares pursuant to Section 7.3 and 7.4, nor
      to the tax indemnification pursuant to Section 10.2. This shall also not
      apply to the indemnification obligations under Section 10.4 (Shut Down
      Liabilities).

                                  SECTION 12
                       SURVIVAL OF CLAIMS AND REMEDIES

12.1  EXPIRATION PERIOD. Except as otherwise provided for in this Agreement,
      all representations and warranties made in Section 7 shall terminate and
      expire ["verjaehren"] (18) eighteen months after the date hereof.

12.2  DEFECTS IN OWNERSHIP OF SHARES. Any claims brought in respect of
      representations and warranties regarding defects in the ownership of the
      Shares as set forth in Section 7.3 or 7.4 shall terminate and expire (5)
      five years after the date hereof.

12.3  ENVIRONMENTAL INDEMNIFICATION. Any claims of the Buyer brought in
      respect of the indemnification from Environmental Liabilities pursuant
      to Section 10.1 shall terminate and expire (6) six months after the
      Environmental Liabilities become due within the meaning of the last
      sentence of Section 10.1.a) and 10.1 b), respectively.

12.4  TAX INDEMNIFICATION. Any claims of the Buyer under Section 10.2 shall
      terminate and expire (6) six months after either the Buyer or Vintron,
      as the case may be, has received the final and binding tax assessment
      (including adjustment assessments) by the taxing authority.

12.5  INTERRUPTION. Upon receipt of written notice on a specific claim in
      writing by the Buyer vis-a-vis the Seller, which details the alleged
      basis for such claim shall mean that the limitation period shall be
      interrupted ["unterbrochen"] with respect to such claims, always
      provided that the Buyer takes legal action ["Klage erheben"] within (3)
      three months after such notification.

<PAGE>   38

                                                                             38

                                  SECTION 13

                          [intentionally left blank]

                                  SECTION 14
                           COVENANT NOT TO COMPETE

14.1  COVENANT NOT TO COMPETE. For a term of (2) two years after the date
      hereof, the Seller shall not, unless otherwise provided in Section 14.2
      below, (i) engage in or carry out any new business activities which
      represent competition to the Business nor (ii) acquire a controlling
      interest of more than 50% in the equity or in the voting rights, neither
      directly nor indirectly, in entities which compete with the Business, in
      each case on the relevant product and geographic markets on which
      Vintron has been active at the date hereof.

14.2  EXEMPTIONS. The following activities are exempt from the restrictions
      set out in Section 14.1:

      (a)   the existing business activities of the Seller as presently
            conducted;

      (b)   acquiring an controlling interest in an entity, or any assets
            thereof, which is not in the first place and not mainly engaged in
            activities competing with the Business. To the extent legally
            possible, the Seller shall use its best efforts that in the event
            of a sale of the PVC part of the acquired business such PVC part
            of the acquired business shall be offered to the Buyer prior to an
            offer to third parties;

      (c)   acquiring all or part of the assets of the chlorine chemicals
            business at the facilities in Frankfurt am Main-Hoechst, such
            business having been sold by Seller to LII Europe GmbH;

      (d)   any captive use of the Seller, i.e. production which is not sold
            to third parties outside the group of affiliated enterprises.

                                  SECTION 15
                        FURTHER COVENANTS OF THE BUYER

RELEASE FROM COLLATERAL. The Buyer shall procure that the Seller and the
Seller's Affiliates, as the case may be, are released from any collateral not
exceeding DM

<PAGE>   39

                                                                             39

1,000,000 (Deutsche Mark one million), provided by them to the benefit of
Vintron and shall, on the Seller's first demand, indemnify the Seller and the
Affiliates, as the case may be, in respect of any and all claims resulting
from such collateral.

                                  SECTION 16
                    CARTEL CLEARANCE, OTHER COVENANTS OF THE PARTIES

16.1  CO-OPERATION REGARDING CARTEL AUTHORITIES. The Parties agree to
      co-operate fully with a view to obtaining unconditional clearance by the
      German Federal Cartel Office and/or the European Commission, whichever
      is required for the consummation of the transactions contemplated
      hereby, without delay. The Buyer's counsel shall without undue delay,
      however, if possible, not later than (10) ten working days after the
      date hereof, prepare all files with regard to the application to the
      relevant cartel authorities, which shall be reviewed by the Seller. The
      charges of the respective cartel authorities are to be borne by the
      Buyer. The cost of the Seller's counsel are to be borne by the Seller
      and the cost of the Buyer's counsel are to be borne by the Buyer.

16.2  PARTIES' EFFORTS TO CLOSE. The Seller and the Buyer undertake to use all
      reasonable efforts to ensure fulfilment and compliance with all the
      conditions and obligations as set forth in this Agreement and procure
      any necessary official authorisations as may be required to consummate
      the transactions contemplated hereby as soon as practicable as of the
      date hereof so as to secure Closing and full completion of all the
      transactions contemplated hereby at the earliest date possible.

                                  SECTION 17
                              GENERAL PROVISIONS

17.1  NOTICES. All notices, requests, claims, demands and other communications
      hereunder shall be in writing and in the German or the English language
      and shall be given or made (and shall be deemed to have been duly given
      or made upon receipt) by delivery in person, by telefax or by registered
      mail ["Einschreiben mit Rueckschein"] to the respective Parties at the
      following addresses:

      (a)   if to the Seller:

            Celanese Chemicals Europe GmbH
            c/o Celanese AG

<PAGE>   40
                                                                             40

            Frankfurter Str. 111
            61476 Kronberg
            Telecopy: +49/69 305 82731
            Attention: General Counsel Celanese AG

            with a copy to

            Hengeler Mueller Weitzel Wirtz
            Trinkausstrasse 7
            40213 Duesseldorf
            Telecopy: +49/211-132641
            Attention: Dr. Rainer Krause

      (b)   if to the Buyer:

            Vinnolit GmbH & Co. KG
            Carl-Zeiss-Ring 25
            85737 Ismaning
            Telecopy:  +49/89 69103-119
            Attention: Managing Director ["Geschaeftsfuehrer"]

            with copies to:

            Advent International Corporation
            75 State Street
            Boston, MA 02109
            USA
            Telecopy: +1/617951-0571
            Attention: Mrs. Janet Hennessy and Mr. Tom Lauer

            and to

            Baker & McKenzie Doeser Amereller Noack
            Bethmannstr. 50-54
            60311 Frankfurt am Main
            Telecopy: +49/6929908-108
            Attention: Dr. Joerg Kirchner and Mr. Christian Brodersen
<PAGE>   41

                                                                             41

      A change in the person or address of the aforementioned addressees shall
      become effective for the other Party only (1) one month after having
      been informed on such change by written notice.

17.2  PUBLIC ANNOUNCEMENTS. No Party to this Agreement shall make, or cause to
      be made, any press releases or public announcements in respect of this
      Agreement or the transactions contemplated hereby or otherwise
      communicate with any news media without prior notification to, and
      consultation with, the other Party, and the Parties shall co-operate as
      to the timing and contents of any such announcement.

17.3  HEADINGS. The descriptive headings contained in this Agreement are for
      convenience of reference only and shall not affect in any way the
      meaning or interpretation of this Agreement.

17.4  GERMAN TERMS. The terms set forth in this Agreement in German language
      shall take precedence over corresponding English terminology, if any, in
      interpreting the contents of the pertinent contractual provision and be
      interpreted in accordance with the meaning of that German term under
      German law and as would be customary in German language contracts.

17.5  COSTS. Except as otherwise specified in the Agreement, all costs and
      expenses, including, without limitation, fees and disbursements of
      counsel, financial advisors and accountants, incurred in connection with
      the Agreement and the transactions contemplated hereunder shall be paid
      by the Party incurring such costs and expenses. Any and all notary
      public fees and costs and expenses with regard to the execution and
      performance of the Agreement and the transactions contemplated hereunder
      shall be borne by the Buyer.

17.6  ENTIRE AGREEMENT. The Agreement together with any documents referred to
      herein or incidental to the Agreement by the parties constitutes the
      entire Agreement between the parties hereto and replaces and supersedes
      any agreements or arrangements made previously in regard to the subject
      matter hereof.

17.7  AMENDMENTS. Any amendments, authorisations or variations of the
      Agreement, including this Section 17.7, require written form (unless
      notarisation is required) in order to be valid and effective.

17.8  SEVERABILITY. If any term or other provision of the Agreement is
      invalid, illegal or incapable of being enforced by any rule of law or
      public policy, all other conditions

<PAGE>   42

                                                                             42

      and provisions of the Agreement shall nevertheless remain in full force
      and effect so long as the economic or legal substance of the
      transactions contemplated hereby is not affected in any manner
      materially adverse to any Party. Upon such determination that any term
      or other provision is invalid, illegal or incapable of being enforced,
      the Parties hereto shall negotiate in good faith to modify the Agreement
      so as to effect the original intent of the Parties as closely as
      possible in an acceptable manner in order that the transactions
      contemplated hereby are consummated as originally contemplated to the
      greatest extent possible.

17.9  GOVERNING LAW. PLACE OF VENUE. The validity, performance and enforcement
      of the Agreement shall be governed by German law. Exclusive place of
      venue shall be Frankfurt am Main.

                                                      (continued on next page)

<PAGE>   43

IN WITNESS THEREOF this Notarial Deed including the Schedules hereto

      with the exception of certain lists of items, titles, rights and
      obligations contained in Schedules 7.16 and 7.17, in respect of which
      the persons appearing waived the right to have them read aloud and which
      instead have been presented to the persons appearing, were acknowledged,
      approved and signed on each page by the persons appearing,

has been read aloud to the persons appearing and was confirmed and approved by
the persons appearing. The persons appearing then signed this Deed. All this
was done at the day herebelow written in the presence of me, the Notary
Public, who also signed this Deed and affixed my official Seal.

Basel, this 19th (nineteenth) and 20th (twentieth) day of May 2000 (two
thousand)<PAGE>   1
                                                                     Exhibit 4.6

                            ASSET PURCHASE AGREEMENT

                          Dated as of September 4, 2000

                                      Among

                        AIR PRODUCTS AND CHEMICALS, INC.,
                               AIR PRODUCTS, L.P.

                                       and

                                 CELANESE LTD.,
                          CELANESE AMERICAS CORPORATION
                                       and
                               CNA HOLDINGS, INC.
<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                             Page
<S>      <C>                                                                 <C>
1.       Definitions........................................................    1

2.       Transfer of Purchased Assets; Assumption of Liabilities............   10

3.       Purchase Price; Adjustment.........................................   11

4.       Closing............................................................   14

5.       Representations, Warranties and Agreements Regarding Sellers.......   14

6.       Representations, Warranties and Agreements Regarding Purchaser.....   27

7.       Further Covenants..................................................   29

8.       Conditions Precedent to Obligations of the Purchaser...............   44

9.       Conditions Precedent to Obligations of the Sellers.................   46

10.      Employees..........................................................   48

11.      Brokerage..........................................................   50

12.      Expenses...........................................................   51

13.      Taxes..............................................................   51

14.      Survival of Representations; Indemnification.......................   52

15.      Termination of Agreement...........................................   65

16.      Bulk Sales Law.....................................................   66
</TABLE>
<PAGE>   3
                               TABLE OF CONTENTS

<TABLE>
<S>      <C>                                                                   <C>
17.      Public Announcements...............................................   66

18.      Notices............................................................   66

19.      Extensions and Waivers.............................................   67

20.      Entire Agreement...................................................   67

21.      Governing Law......................................................   68

22.      Headings...........................................................   68

23.      Transferability....................................................   68

24.      Knowledge of Sellers...............................................   69

25.      Counterparts.......................................................   69

26.      Severability.......................................................   69

27.      CAC/CNA............................................................   70
</TABLE>

Appendix
Schedules
Exhibits
<PAGE>   4
                                List of Schedules

<TABLE>
<CAPTION>
Schedule                Description
--------                -----------
<S>                     <C>
1.1                     Assumed Liabilities

1.2                     Employees in PVA Business

1.3                     Excluded Assets

1.4                     Permitted Liens

1.5                     Fixed Assets

3.6                     Allocation of Purchase Price

5.2                     Authority

5.4                     Governmental Approvals

5.5                     Operating Condition of Assets

5.6                     Employee Benefit Plans

5.7                     Contracts and Leases

5.8                     Patents, Copyrights and Trademarks

5.9                     Litigation and Proceedings

5.10                    Environmental

5.11                    Compliance with Laws

5.12                    Material Adverse Change

5.13                    Conduct of PVA Business

5.14                    Permits

7.1.2                   Transition Services

7.11                    Segregation of Plants

8.6                     Consents
</TABLE>
<PAGE>   5
<TABLE>
<S>                     <C>
24                      Knowledge of Sellers
</TABLE>
<PAGE>   6
                                List of Exhibits

<TABLE>
<CAPTION>
Exhibit                Description
-------                -----------
<S>                    <C>
A                      Financial Documents

B                      Ground Leases

C                      Technology License

D                      Long-term Utilities Supply Contract

E                      Cogeneration Utilities Agreement
</TABLE>
<PAGE>   7
         ASSET PURCHASE AGREEMENT, dated as of September 4, 2000 (the
"Agreement"), among AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation
("Air Products"), AIR PRODUCTS, L.P., a Delaware limited partnership (together
with Air Products, referred to herein as "Sellers"), and CELANESE LTD., a Texas
limited partnership (the "Purchaser"), Celanese Americas Corporation, a Delaware
corporation ("CAC") and CNA Holdings, Inc., a Delaware corporation ("CNA").

         WHEREAS, the Purchaser desires to acquire from the Sellers, and the
Sellers desire to sell to the Purchaser, the Purchased Assets (as hereinafter
defined), upon the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the premises and the respective
agreements hereinafter set forth, and intending to be legally bound hereby, the
parties hereto agree as follows:

    1. DEFINITIONS

         The terms defined in this Article 1 shall, for the purposes of this
         Agreement, have the following meanings:

         "ACCOUNTS RECEIVABLE" means the accounts and notes receivable of
Sellers pertaining to the PVA Business.

         "ADJUSTMENT STATEMENT" means the statement adjusting the Purchase Price
referred to in subsection 3.2.2 hereof.

                                      -1-
<PAGE>   8
         "AFFILIATE" of a person, firm or corporation means a person, firm
(including, without limitation, a partnership, association, limited liability
company or other entity) or corporation that directly, or indirectly through one
or more intermediaries, controls or is controlled by or is under common control
with such person, firm or corporation. For purposes of this definition, the term
"controls," "is controlled by," or "is under common control with" shall mean the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a person or entity, whether through the ownership
of voting securities, by contract or otherwise.

         "ASSUMED LIABILITIES" means the liabilities of the Sellers pertaining
to the PVA Business listed in Schedule 1.1 hereto, as the same shall exist on
the Closing Date.

         "CLAIM NOTICE" means the notice defined in Section 14.8

         "CLOSING" means the closing defined in Article 4.

         "CLOSING DATE" means the time and date of closing as provided in
Article 4 hereof.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended, and
any rules and regulations promulgated thereunder.

         "CURRENT ASSETS" shall mean the Inventory and Accounts Receivable.

         "EMPLOYEE" means those employees of Seller employed in or applicable
position titles for the PVA Business and listed on Schedule 1.2.

         "EMPLOYEE BENEFIT AND COMPENSATION PLANS" shall have the meaning set
forth in Section 5.6.2 hereof.

                                      -2-
<PAGE>   9
         "ENABLING AGREEMENTS" means the Supply and Service Contracts and the
Ground Leases.

         "ENVIRONMENTAL CONDITION" shall mean any physical condition existing on
or under the Premises, such as soil or groundwater contamination, that would
likely be the result of an Environmental Release.

         "ENVIRONMENTAL LAWS" means the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, the Resource, Conservation and Recovery
Act of 1976, the Water Pollution and Control Act of 1972, the Clean Air Act of
1970, the Safe Drinking Water Act of 1974, the Toxic Substances Control Act of
1976, the Refuse Act of 1899, the Occupational Safety and Health Act of 1970 and
the Emergency Planning and Community Right-to-Know Act of 1986, each as amended,
the state and local counterparts of such laws and other laws, rules, or
regulations of any national, state or local government concerning release or
threatened release of hazardous substances, public or employee health and
safety, worker's compensation or pollution or protection of the environment.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

         "ERISA AFFILIATE" shall mean any trade or business, whether or not
incorporated, that together with the Seller would be deemed a "single employer"
within the meaning of Section 4001(b) of ERISA.

                                      -3-
<PAGE>   10
         "EXCLUDED ASSETS" means any assets of the Sellers that are not included
within the definition of the Purchased Assets, including without limitation
those assets set forth on Schedule 1.3 hereto and the matters retained by
Sellers pursuant to Section 2.3, which assets shall remain assets of the Sellers
notwithstanding this Agreement and be subject to Section 7.1.4.

         "FINANCIAL DOCUMENTS" means the financial statements prepared by the
Sellers attached hereto as Exhibit A, comprised of the unaudited historical
statement of income for the Sellers' Fiscal Year 1999 and the asset listing at
March 31, 2000.

         "GAAP" shall mean United States generally accepted accounting
principles.

         "GOVERNMENTAL ENTITY" shall mean a court, arbitral tribunal,
administrative agency or commission or other governmental or regulatory
authority or agency, whether federal, state, local or foreign.

         "GROUND LEASES" means the real property leases for the Calvert City and
Pasadena PVA sites between the Purchaser and Air Products in substantially the
form of Exhibit B, providing for, among other things, a term of not less than 99
years.

         "HAZARDOUS SUBSTANCE" is any substance defined in Section 101(14) of
the Comprehensive Environmental Response, Compensation and Liability Act, 42
U.S.C. Section 9601 et seq., as amended ("CERCLA"), and any substance similarly
classified under the applicable state law where the site is located; and
chemicals; pollutants; contaminants; wastes; toxic or hazardous substances,
materials and wastes; petroleum and petroleum products; asbestos and
asbestos-containing materials; polychlorinated biphenyls; lead and lead-based
paints and materials; radon; or any substance the presence of, release of, or
exposure to requires investigation or remediation.

                                      -4-
<PAGE>   11
         "INVENTORY" means the inventories of raw materials, work-in-process,
spare parts and finished goods of the Sellers pertaining to the PVA Business.

         "KNOW-HOW" means all manufacturing processes, trade secrets, formulae,
recipes, proprietary formulations, manufacturing, engineering and other
drawings, technical information, engineering and operating data, design and
engineering specifications, documentation and results of research and
development work, and similar materials recording or evidencing the proprietary
expertise of Sellers on the Closing Date pertaining exclusively to the PVA
Business and used or held for use exclusively in connection with the PVA
Business.

         "LIENS" shall mean liens, mortgages, claims, encumbrances, security
interests, options, charges, pledges, title defects or objections, easements,
encroachments or restrictions of any kind.

         "LOSSES" is defined in Section 14.2.

         "PBGC" shall mean the Pension Benefit Guaranty Corporation.

         "PERMITTED LIENS" means (i) encumbrances, liens and charges listed in
Schedule 1.4 hereto; (ii) liens for taxes that are not yet due or that are being
contested in good faith by appropriate proceedings; and (iii) such other liens,
encumbrances, charges, easements, restrictions and other limitations as (A) are
not substantial in amount, (B) do not materially detract from the value of the
properties subject thereto and (C) do not materially impair the use of the
subject assets for the purpose for which they are now employed or materially
interfere with the continued conduct of the PVA Business in the manner in which
it is being and has heretofore been conducted.

                                      -5-
<PAGE>   12
         "PERSON" shall mean an individual, corporation, partnership, limited
liability company, association, trust, unincorporated organization, entity or
group (as defined in the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder).

         "PLAN" shall mean each deferred compensation and each incentive
compensation, stock purchase, stock option and other equity compensation plan,
program, agreement or arrangement; each severance or termination pay, medical,
surgical, hospitalization, life insurance and other "welfare" plan, fund or
program (within the meaning of Section 3(1) of ERISA); each profit-sharing,
stock bonus or other "pension" plan, fund or program (within the meaning of
Section 3(2) of ERISA); each employment, termination or severance agreement; and
each other employee benefit plan, fund, program, agreement or arrangement, in
each case, that is sponsored, maintained or contributed to or required to be
contributed to by the Seller or by any ERISA Affiliate, or to which the Seller
or an ERISA Affiliate is party, whether written or oral, for the benefit of any
Employee or former Employee.

         "PRIMARILY" means greater than fifty percent (50%) of the referenced
object or usage.

         "PURCHASED ASSETS" means the following assets of the PVA Business, but
excluding the Excluded Assets:

                  (1) the Accounts Receivable, as the same shall exist on the
         Closing Date;

                  (2) the Inventory, as the same shall exist on the Closing
         Date;

                  (3) subject to additions and eliminations in the ordinary
         course of business between the date thereof and the Closing Date, the
         buildings, facilities and other improvements on the real property (as
         well as the machinery and equipment, plant,

                                      -6-
<PAGE>   13
         distribution equipment, office furniture, fixtures, tools, repair
         materials, machine and electrical parts) of the Sellers located at the
         Calvert City and Pasadena sites of the PVA Business, in each case
         pertaining primarily to the PVA Business, those further fixed assets
         shown or incorporated within projects shown on or otherwise referred to
         (but only to the extent allocated to the PVA Business) on Schedule 1.5,
         and any fixed assets referenced in Exhibit A of the Utilities Supply
         Agreements as belonging to the Purchaser or located within the
         boundaries of the Premises shown on the applicable site plan attached
         to Appendix A to the Ground Lease;

                  (4) all rights, title and interest of the Sellers in, to and
         under all worldwide patents, patent applications, copyrights, copyright
         applications, trademark registrations, trademark applications and
         service marks and licenses listed in Schedule 1.6 hereto and exclusive
         to the PVA Business, other than the trademarks "Airvol" and "Airvol
         PLUS", and subject to the licenses listed therein;

                  (5) all Know-how and all lists possessed by the Sellers of
         customers and suppliers of the PVA Business;

                  (6) all right, title and interest of the Sellers in, to and
         under all contracts, leases and permits pertaining to (but only to the
         extent of and as to that portion of any such contract, lease or permit
         pertaining to) the PVA Business (to the extent transferable);

                  (7) all right, title and interest of the Sellers in, to and
         under all laboratory equipment used primarily by the PVA Business
         located at the Sellers' Allentown, Pennsylvania and Greenville, South
         Carolina sites;

                                      -7-
<PAGE>   14
                  (8) franchises, approvals, permits, licenses, orders,
         registrations, certificates, variances and similar rights of Sellers
         pertaining exclusively to the PVA Business obtained from or granted by
         any Governmental Entity, to the extent transferable; and

                  (9) originals or copies of business records, operating data
         and business files of and exclusive to the PVA Business which are in
         Sellers' or any of their Affiliates' possession on the Closing Date,
         including (a) customer and vendor lists, correspondence and files, (b)
         advertising, marketing and sales materials, (c) personnel files of the
         Transferred Employees, (d) research and development records and files
         and engineering diagrams and (e) financial records and statements.

         "PURCHASER-ASSOCIATED PARTY" shall mean Purchaser and its Affiliate(s)
as well as their employees, contractors, or agents.

         "PURCHASE PRICE" has the meaning set forth in Section 3.1 hereof.

         "PVA BUSINESS" means the research and development with respect to,
manufacture, marketing and sale of polyvinyl alcohol products, including blends
and solutions thereof, and of acetic acid by Sellers, in each case anywhere in
the world, whether conducted directly or through Sellers' Affiliates.

         "REAL PROPERTY" shall mean all land (which is an Excluded Asset) that
is owned by any Seller for the use of the PVA Business.

         "RELEASE" shall mean any spill, leak, pumping, pouring, emission,
discharge, injection, escape, leaching, dumping, disposing, or other entering
the environment of any Hazardous

                                      -8-
<PAGE>   15
Substance at, in, by, from or related to the PVA Business. This includes
Releases whether known or unknown, intentional or unintentional.

         "SELLER-ASSOCIATED PARTIES" shall mean Purchaser and its Affiliate(s)
as well as their employees, contractor, or agents.

         "SUPPLY AND SERVICE CONTRACTS" means, collectively, the Utilities
Supply Agreements for the PVA Business in Calvert City and for the PVA Business
in Pasadena, each in substantially the form of Exhibit D hereof, and the
Cogeneration Utilities Supply Agreement for the PVA Business in Calvert City,
substantially in the form of Exhibit E.

         "TITLE IV PLAN" shall mean a Plan that is subject to Title IV of ERISA.

         "TAX OR TAXES" shall mean all taxes, charges, fees, penalties or other
assessments imposed by any Governmental Entity, including income, gross
receipts, excise, property, sales, use, license, unemployment, capital stock,
transfer, franchise, payroll, withholding, stamp and other taxes, and shall
include interest, penalties or additions attributable to any failure to comply
with any Tax Return.

         "TAX RETURN" shall mean any requirement regarding any return,
declaration, report, claim for refund, or information return or statement
relating to Taxes, including any such document prepared on a consolidated,
combined or unitary basis and also including any schedule or attachment thereto,
and including any amendment thereof.

         "TECHNOLOGY LICENSE" means the technology license between the Purchaser
and Air Products, substantially in the form of Exhibit C, to cover the licensing
to Purchaser of intellectual property rights used on a non-exclusive basis in
the PVA Business.

                                      -9-
<PAGE>   16
         "UNREASONABLE CONTACT" shall mean any contact or involvement not
required by law or regulation, not reasonably required to avoid a government
order, not needed to prevent a significant threat to human health or the
environment, and not commercially reasonable for a responsible chemical company
to undertake with respect to a site where such company bears the full risks and
responsibility.

    2. TRANSFER OF PURCHASED ASSETS; ASSUMPTION OF LIABILITIES

         On the Closing Date, and upon the terms and conditions set forth
herein,

         2.1. Sellers shall, subject to Section 7.5, transfer, convey and assign
to the Purchaser, free and clear of all liens, claims, mortgages, charges and
encumbrances, except for the Permitted Liens, good and marketable title to all
the Purchased Assets; and

         2.2. The Purchaser shall assume the Assumed Liabilities.

         2.3. The Purchaser shall not assume any contract, obligation or
liability of the Sellers not specifically assumed pursuant to Section 2.2 above,
and the Sellers shall not transfer, convey and assign to the Purchaser the
Excluded Assets.

    3. PURCHASE PRICE; ADJUSTMENT

         3.1. The Purchaser agrees to pay on the Closing Date an amount equal to
$326,000,000 (the "Purchase Price") as payment for the Purchased Assets pending
determination of the adjustment referred to in Section 3.2.2 hereof, and to
assume the Assumed Liabilities of the Sellers to the extent provided in Section
2.2 hereof. On the Closing Date, payment shall be made

                                      -10-
<PAGE>   17
by the Purchaser to the Sellers in immediately available funds by wire transfer
to Account No. 55200029, Bank One, Chicago, IL, or such other account as Sellers
shall designate in writing prior to the Closing Date.

         3.2. Within forty-five (45) days after the Closing Date, Sellers will
prepare and deliver to Purchaser,

                  3.2.1. an asset listing of the PVA Business ("Final Asset
         Summary") as of and at the close of business (11 p.m. E.S.T.) on the
         Closing Date, which will be prepared in accordance with GAAP,
         consistently applied, and on the basis of the same accounting rules and
         principles (including the use of Sellers' fiscal year 2000 standard
         costs) that were used to prepare the March 31, 2000 asset listing
         contained in the Financial Documents ("March 31, 2000 Asset Summary"),
         except that in the Final Asset Summary, the value of the vinyl acetate
         monomer ("VAM") raw material inventory shall be based upon the VAM cost
         in the quarter the VAM was purchased, and the value of the VAM
         component of the polyvinyl alcohol ("PVA") finished goods inventory
         produced after 1 October 1999 shall be based upon the VAM cost in the
         quarter the PVA finished goods were produced; provided, however, that,
         if this adjustment causes the Current Assets on the Final Asset Summary
         to be increased by more than $3,999,999, the excess over $3,999,999
         will be disregarded for purposes of determining the post-closing
         adjustment described in Section 3.2.2.

                                      -11-
<PAGE>   18
                  3.2.2. A statement (the "Adjustment Statement") setting forth
         calculations showing the determination of the amount of the
         post-closing adjustment payable by Purchaser to Sellers, or by Sellers
         to Purchaser, as the case may be. The amount of such post-closing
         adjustment shall be determined and paid as follows; the Purchaser shall
         pay to the Sellers the amount by which the Current Assets on the Final
         Asset Summary exceed the Current Assets on the March 31, 2000 Asset
         Summary; or the Sellers shall pay to the Purchaser the amount by which
         the Current Assets on the Final Asset Summary are less than the Current
         Assets on the March 31, 2000 Asset Summary.

         3.3. During such 45-day period and during normal business hours,
Purchaser will fully cooperate with Sellers with respect to Sellers' preparation
of the statements referred to in Section 3.2 of this Article, and will give
Sellers access to such books and records of the PVA Business and the assistance
of such PVA Business personnel as Sellers reasonably require in connection
therewith.

         3.4. If Purchaser has objections to the Adjustment Statement, then
Purchaser shall object in writing to any item or items shown on any of the
statements referred to in Section 3.2 of this Article within thirty (30) days
after delivery to Purchaser of such statements ("Objection Period"). If
Purchaser and Sellers are unable to resolve such objection within fifteen (15)
days after delivery to Sellers of such written objection, the matter or matters
in dispute will be submitted to Arthur Andersen LLP for resolution within 30
days of their engagement. The decision of Arthur Andersen LLP will be binding on
both Purchaser and Sellers. The Purchaser shall bear the expense of Arthur
Andersen LLP if the adjustment set forth by Arthur Andersen

                                      -12-
<PAGE>   19
LLP is less than $500,000 favorable to the Purchaser than the proposed
adjustment set forth in the Adjustment Statement; such cost shall otherwise be
payable by Sellers.

         3.5. Within three business days after the expiration of the Objection
Period (or the date upon which any disputes are resolved as provided above),
Purchaser will pay to Sellers or Sellers will pay to Purchaser the amount of
adjustment shown in the Adjustment Statement as modified by any actions pursuant
to Section 3.4 of this Article.

         3.6. The Purchase Price, as adjusted pursuant to Sections 3.2-3.5 of
this Article, shall for federal, state, local and foreign income tax purposes be
allocated among the Purchased Assets and the covenant not to compete of Air
Products in Section 7.1.3 in the manner set forth in Schedule 3.6 hereto.
Purchaser shall provide Sellers within one hundred twenty (120) days after the
Closing Date a schedule allocating the Purchase Price, as adjusted pursuant to
Sections 3.2-3.5 of this Article, which schedule shall be subject to Sellers'
consent. Sellers' consent shall not be unreasonably withheld to such allocation.
Purchaser and Sellers shall file Internal Revenue Service Form 8594 with their
respective federal income tax returns for the year of the Closing, which shall
be prepared in a manner consistent with the Purchase Price allocation schedule
provided pursuant to this Article. Any increase or decrease in the Purchase
Price which is required to be taken into account by Purchaser and Seller for any
year subsequent to the year of Closing, shall be reflected by Seller and
Purchaser in a supplemental asset acquisition statement on Internal Revenue
Service Form 8594 for the year in which the increase or decrease is properly
taken into account. The Sellers and the Purchaser shall not, nor shall they
permit their respective Affiliates to, take a federal, state, local or foreign
tax position that is inconsistent with such

                                      -13-
<PAGE>   20
allocation with taxing or other public authorities in any jurisdiction. Air
Products' employer identification number is 23-1274455 and Air Products, L.P.'s
is 23-2736599. Purchaser's employer identification number is 75-2622526.

    4. CLOSING

         4.1. The closing under this Agreement (the "Closing") shall take place
at 10:00 a.m. on September 29, 2000 at the offices of Air Products at 7201
Hamilton Boulevard, Allentown, Pennsylvania, or at such other time, date and
place as shall be fixed by written agreement between the parties hereto (the
date of the Closing being herein referred to as the "Closing Date").

    5. REPRESENTATIONS, WARRANTIES AND AGREEMENTS REGARDING SELLERS

         Air Products represents and warrants to the Purchaser as of the date
hereof and as of the Closing Date as follows:

         5.1. ORGANIZATION. Each of the Sellers is a corporation or partnership
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has the corporate or partnership power to own or lease
their respective properties and to carry on their respective businesses as now
being conducted. Each of the Sellers is duly qualified or licensed to do
business and in good standing in every jurisdiction where the ownership of their
respective assets or the conduct of the PVA Business require such qualification
or licensing other than

                                      -14-
<PAGE>   21
jurisdictions where failure to be so qualified or licensed would not have a
material adverse effect on the business or financial condition of any of the
Sellers.

         5.2. AUTHORITY. Each of the Sellers has full corporate or partnership
power and authority to execute and deliver this Agreement and the other
agreements and instruments to be executed and delivered by them pursuant hereto
and to consummate the transactions contemplated hereby and thereby. All
corporate or partnership acts and other proceedings required to be taken by or
on the part of any of the Sellers to authorize them to carry out this Agreement
and such other agreements and instruments and the transactions contemplated
hereby and thereby have been duly and properly taken. This Agreement has been
duly executed and delivered by each of the Sellers and constitutes, and except
as set forth on Schedule 5.2, each of such other agreements and instruments when
duly executed and delivered by any of the Sellers will constitute, a legal,
valid and binding obligation of the Sellers executing and delivering the same in
accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the
rights of creditors generally or by general principles of equity (regardless of
whether such enforcement is considered in a proceeding at law or in equity).

         5.3. NO VIOLATION. Subject to the filings described in Section 5.4 and
the consents described in Section 7.5, and except as set forth on Schedule 5.2,
the execution and delivery by the Sellers of this Agreement and the other
agreements and instruments to be executed and delivered by them pursuant hereto
and their consummation of the transactions contemplated hereby and thereby will
not, to the knowledge of Air Products, (i) violate any law, order, writ,

                                      -15-
<PAGE>   22
decree, injunction, rule or regulation or (ii) conflict with or result in any
breach of, or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or result in the creation of a Lien
or encumbrance (other than a Permitted Lien) on any of the Purchased Assets
pursuant to, the charter documents of any of the Sellers or any indenture,
mortgage, lease, license, agreement or other instrument to which any of them is
a party or by which any of the Sellers or their respective properties or assets
may be bound or affected.

         5.4. GOVERNMENTAL APPROVALS. To the knowledge of Air Products, no
approval, authorization, consent or other order or action of, or filing with,
any Governmental Entity is required in connection with the execution and
delivery by the Sellers of this Agreement or the other agreements and
instruments to be executed and delivered by them pursuant hereto or their
consummation of the transactions contemplated hereby or thereby, which
requirement, if not met, would have a material adverse effect on the Purchaser's
operation of the PVA Business after the Closing Date, except (i) filing by Air
Products with the Antitrust Division of the Department of Justice and the
Federal Trade Commission pursuant to the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, which filing Air Products will make in compliance with
such Act and will use commercially reasonable efforts to comply with any
requests for additional information pursuant thereto, and (ii) those set forth
in Schedule 5.4.

         5.5. PURCHASED ASSETS. On the Closing Date Sellers will have good and
marketable title to all the Purchased Assets, free and clear of all Liens,
except for the Permitted Liens. Except as set forth on Schedule 5.5, all
material personal property included in the Purchased

                                      -16-

<PAGE>   23
Assets and presently used by Sellers in the conduct of the PVA Business is in
good operating condition and repair, normal wear and tear excepted.

         5.6. EMPLOYEES

                  5.6.1. Schedule 5.6 contains a materially complete list of all
         Plans. None of Sellers nor any ERISA Affiliate has any commitment or
         formal plan, whether legally binding or not, to create any additional
         employee benefit plan or modify or change any existing Plan that would
         affect any Employee.

                  5.6.2. Sellers have heretofore delivered to Purchaser a
         materially complete copy of the Summary Plan Description of each Plan.

                  5.6.3. No condition relating to the PVA Business exists that
         presents a material risk to Purchaser or any Affiliate of Purchaser of
         incurring any liability under Title IV or Section 302 of ERISA. Insofar
         as the representation made in this subsection 5.6.3 applies to Sections
         4064, 4069 or 4204 of Title IV of ERISA, it is made with respect to any
         employee benefit plan, program, agreement or arrangement subject to
         Title IV of ERISA to which each Seller or any ERISA Affiliate made, or
         was required to make, contributions during the five year period ending
         on the last day of the most recent plan year ended prior to the Closing
         Date.

                  5.6.4. The PBGC has not instituted proceedings to terminate
         any Title IV Plan and no condition exists that presents a material risk
         that such proceedings will be

                                      -17-
<PAGE>   24
         instituted, nor will the consummation of the transactions contemplated
         by this Agreement cause Purchaser to incur any liability to the PBGC or
         otherwise under Title IV of ERISA.

                  5.6.5. No Title IV Plan is (nor has been during the previous
         six years) a "multi-employer pension plan," as defined in Section 3(37)
         of ERISA, nor is any Title IV Plan a plan described in Section 4063(a)
         of ERISA.

                  5.6.6. The consummation of the transactions contemplated by
         this Agreement will not, either alone or in combination with another
         event, cause Purchaser to incur any liability to the PBGC or otherwise
         under Title IV of ERISA, including any multi-employer plan withdrawal
         liability, with respect to any Plan. The consummation of the
         transactions contemplated by this Agreement, either alone or in
         combination with another event, will not cause Purchaser to incur any
         liability or expense (including, without limitation, severance
         liability or expense) with respect to benefits or compensation due
         Employees which accrued or vested on or prior to the Closing Date under
         any Plan, except as set forth on Schedule 5.6.

                  5.6.7. With respect to the PVA Business, except as set forth
         in Schedule 5.6: (A) no collective bargaining or other agreement exists
         or, since January 1, 1998, has existed, between any of Sellers and any
         labor organization; (B) no oral or written employment agreement exists,
         or since January 1, 1998, has existed, between any of Sellers and any
         employee; (C) none of Sellers has received written notice that any
         representation question presently exists, and no petition concerning
         representation under the National Labor

                                      -18-
<PAGE>   25
         Relations Act, as amended, is or, since January 1, 1998, has been
         pending or to the knowledge of Air Products, threatened; (D) no unfair
         labor practice charge or complaint is or, since January 1, 1998, has
         been pending or to the knowledge of Air Products, threatened, before
         the National Labor Relations Board; (E) no labor dispute, strike,
         picketing, handbilling, work slowdown, or work stoppage is or, since
         January 1, 1998, has been pending or to the knowledge of Air Products,
         threatened; and (F) no decision, order, judgment, decree, or award has
         been rendered or issued by any court, board, agency or arbitrator, and
         no settlement or agreement has been entered into or executed, since
         January 1, 1998 regarding any matter set forth in this subsection
         5.6.4.

         5.7. OTHER CONTRACTS AND LEASES. Schedule 5.7 hereto lists all written
contracts and leases included in the Purchased Assets in effect on the date
hereof except (i) those required to be listed on Schedule 5.8 hereto and (ii)
any contract or lease that involves executory obligations in an amount of less
than $100,000 and involves a remaining term of one year or less. To the
knowledge of Air Products, except as set forth on Schedule 5.7, with respect to
those contracts listed on Schedules 5.7 and 5.8, (x) Sellers and the other
parties thereto have complied with all of the material provisions of such
contracts and leases and are not in material default under any provision of such
contracts or leases, and (y) all such contracts and leases are in full force and
effect according to their terms. Except for those exclusive distributorship and
sales representative agreements listed on Schedule 5.7, none of the Sellers has
any outstanding contract that will be transferred to Purchaser and that, by its
terms, restricts the PVA Business from competing with any Person in any
geographic area.

                                      -19-
<PAGE>   26
         5.8. PATENTS, TRADEMARKS, ETC. Schedule 5.8 hereto lists all patents,
patent applications, copyright registrations, copyright registration
applications, trademark registrations and trademark registration applications
that are used primarily in the PVA Business and that are owned by Sellers and
all licenses related thereto in which Sellers are the licensor and all licenses
in which Sellers have any rights as licensee or otherwise. Except as set forth
on Schedule 5.8, to the knowledge of Air Products, (i) there are no claims or
demands of any person, firm or corporation pertaining thereto, (ii) no
proceedings have been instituted, are pending or are threatened that challenge
any rights in respect thereto and (iii) none of the patents, copyrights or
registered trademarks listed in Schedule 5.8 hereto is being materially
infringed by others, and none is subject to any outstanding order, decree,
judgment or stipulation adversely affecting the rights thereunder. Except as set
forth on Schedule 5.8 and subject to any licenses set forth therein, to the
knowledge of Air Products, Sellers own or possess all rights, title and interest
in all patents, trademarks, copyrights and Know-how used primarily in the PVA
Business as presently conducted.

         5.9. LITIGATION AND PROCEEDINGS. Except as set forth in Schedule 5.9
hereto, none of the Sellers is a party to, or (to the knowledge of Air Products)
threatened with, any legal action or other proceeding pertaining to the PVA
Business or the Purchased Assets before any Governmental Entity. None of the
Sellers has received notice of or been charged with any material violation of
any federal, state or local law or administrative regulations pertaining to the
PVA Business or the Purchased Assets, except as set forth in Schedule 5.9
hereto.

                                      -20-
<PAGE>   27
         5.10. ENVIRONMENTAL. To the knowledge of Air Products, at the time of
Closing and except as disclosed on Schedule 5.10:

                  5.10.1. the Purchased Assets and the PVA Business are in
         material compliance with applicable Environmental Laws and Sellers
         possess all environmental Permits the absence of which would have a
         material adverse effect on the operation of the PVA Business or use of
         the Purchased Assets;

                  5.10.2. there have been no reportable releases of a Hazardous
         Substance on the Premises covered by the Ground Lease or adjacent sites
         owned by Seller that might migrate to the Premises during the period of
         Seller's ownership of the PVA Business;

                  5.10.3. there are no outstanding notices or written claims
         alleging that the Purchased Assets or the PVA Business is not in
         compliance with or has liability or potential liability under
         applicable Environmental Laws;

                  5.10.4. the Purchased Assets and the PVA Business are in
         compliance with applicable NPDES Best Management Practices and
         applicable Spill Prevention and Countermeasure Control Plans for the
         Purchased Assets;

         5.11. COMPLIANCE WITH LAWS. Except as described in Schedule 5.11
hereto, and except with respect to Environmental Laws (which are exclusively the
subject of Section 5.10), to the knowledge of Air Products, each of the Sellers
is, and during the last five years has been, in compliance in all material
respects with all federal, state and local laws and court and

                                      -21-
<PAGE>   28
administrative orders pertaining to the PVA Business or the Calvert City or
Pasadena site, the failure to comply with which would materially adversely
affect the PVA Business.

         5.12. NO MATERIAL ADVERSE CHANGE. Except as set forth in Schedule 5.12,
to the knowledge of Air Products, since July 31, 2000 there has not been any
material adverse change in the business, results of operations or financial
condition of the PVA Business. For the purposes of this paragraph, a decline in
the market price of the products of the PVA Business or an increase in the price
of raw materials consistent with the market generally that occurs after the date
hereof and on or before the Closing Date shall be deemed not to be material.
Except as set forth on Schedule 5.12, since July 31, 2000, the Sellers with
respect to the PVA Business have not:

                  5.12.1. suffered any damage or destruction to any material
         amount of the Purchased Assets;

                  5.12.2. increased, or experienced any material change in any
         assumptions underlying or methods of calculating, any bad debt,
         contingency or other reserves;

                  5.12.3. written down the value of any Inventory or written off
         as uncollectible any notes or accounts receivable, except for
         immaterial write-downs and write-offs or write-downs and write-offs in
         the ordinary course of business and consistent with past practice;

                  5.12.4. canceled any debts or waived any claims or rights of
         substantial value;

                                      -22-
<PAGE>   29
                  5.12.5. sold, transferred, or otherwise disposed of any
         material assets, except in the ordinary course of business and
         consistent with past practice; or

                  5.12.6. made any material change in any method of accounting
         or accounting practice.

         5.13. CONDUCT OF THE PVA BUSINESS. Except as set forth on Schedule
5.13, since January 1, 1999, Sellers have conducted the PVA Business in the
ordinary course, consistent with past practice.

         5.14. PERMITS. Schedule 5.14 hereto includes a complete list of all
material federal, state and local governmental licenses, permits and
authorizations currently held or being applied for by the Sellers in connection
with the PVA Business as presently conducted. Except as set forth on Schedule
5.14 hereto, no claim is pending or, to the knowledge of Air Products,
threatened, to revoke any such licenses, permits or authorizations.

         5.15. FINANCIAL DOCUMENTS. The Financial Documents are complete and
accurate in all material respects and have been prepared from and currently
reflect financial statements used by the management of Air Products in the
operation of the PVA Business. The Financial Documents have been prepared in
accordance with GAAP, consistently applied, and the unaudited historical
statement of income for the Sellers' Fiscal Year 1999 fairly presents the
financial position and the results of operations of the PVA Business for the
period therein indicated. The statement of income included in the Financial
Documents has been prepared including expenses and income allocated to the PVA
Business for corporate, group and division

                                      -23-
<PAGE>   30
expenses. The asset listing included in the Financial Documents has been
prepared including the fixed assets and the Current Assets of the PVA Business.

         5.16. NO UNDISCLOSED LIABILITIES. To the knowledge of Air Products,
except (i) as disclosed in the Financial Documents and (ii) for liabilities and
obligations incurred in the ordinary course of business and consistent with past
practice since July 31, 2000, none of the Sellers, with respect to the PVA
Business and the Purchased Assets, has any liability or obligation of any nature
that would be required to be reflected in a balance sheet of the PVA Business
prepared in accordance with GAAP.

         5.17. ACCOUNTS RECEIVABLE. All Accounts Receivable included in the
Purchased Assets represent sales actually made in the ordinary course of
business. To the knowledge of Air Products, all such Accounts Receivable are
collectible, less approximately $75,000 of such Accounts Receivable.

         5.18. INVENTORY. All of the Inventory consists of a quality and
quantity usable and salable in the ordinary and usual course of business, except
for 2% or less worth of such Inventory which comprise obsolete materials and/or
materials of below-standard quality. The quantities of each type of Inventory
(whether raw materials, work-in-process, spare parts or finished goods) have
been purchased or maintained in the ordinary course of business consistent with
past practice.

                                      -24-
<PAGE>   31
         5.19. CUSTOMERS AND SUPPLIERS. To the knowledge of Air Products, none
of the Sellers has received notice that any customer or supplier has or intends
to cease doing business with the PVA Business which would have a material
adverse effect on the PVA Business.

         5.20. TAX MATTERS.

                  5.20.1. Each of the Sellers (a) has timely filed all Tax
         Returns with respect to the PVA Business and Purchased Assets that it
         was required to file and all such Tax Returns were, true, correct and
         complete in all material respects, and (b) has paid all Taxes shown to
         be due and payable on such Tax Returns.

                  5.20.2. There is no material dispute or claim concerning any
         Tax liability with respect to the PVA Business and Purchase Assets of
         any Seller claimed or raised by any taxing authority in writing.

                  5.20.3. Each of the Sellers has withheld and paid all Taxes
         required to have been paid in connection with the amounts paid or owing
         to any employee, independent contractor, creditor, stockholder, or
         other third party with respect to the PVA Business and Purchased
         Assets.

                  5.20.4. With respect to the PVA Business and the Purchased
         Assets, none of the Sellers has any liability for the Taxes of any
         person (other than any of the Sellers) as transferee or successor, by
         contract, or otherwise.

                                      -25-
<PAGE>   32
                  5.20.5. There are no Tax liens, other than statutory liens for
         Taxes not yet due and payable with respect to the Purchased Assets, and
         no claims are being asserted against any Seller by any taxing authority
         that could lead to the imposition of a Tax lien with respect to any of
         the Purchased Assets.

         5.21. REAL PROPERTY. The Sellers have good and marketable title to the
Real Property, free and clear of any Liens, other than Permitted Liens. The
Sellers have not received notice that any of the Real Property is subject to any
governmental decree or order to be sold or is being condemned, expropriated or
otherwise taken by any public authority with or without payment of compensation
therefor, nor to Air Products' knowledge has any such condemnation,
expropriation or taking been proposed.

         5.22. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 5 OR IN THE
ENABLING AGREEMENTS, SELLERS MAKE NO WARRANTY OR REPRESENTATION, WHETHER ORAL OR
WRITTEN, EXPRESS OR IMPLIED, CONCERNING THE PURCHASED ASSETS OR THE PVA
BUSINESS, OR THE MERCHANTABILITY OR FITNESS THEREOF FOR ANY PURPOSE. IT IS
UNDERSTOOD AND AGREED THAT ANY COST ESTIMATES, PROJECTIONS OR OTHER PREDICTIONS
CONTAINED OR REFERRED TO IN THE SCHEDULES HERETO OR IN ANY OTHER MATERIAL THAT
HAS BEEN PROVIDED TO PURCHASER OR ANY OF ITS AFFILIATES, AGENTS OR
REPRESENTATIVES (INCLUDING WITHOUT LIMITATION THE OFFERING MEMORANDUM AND ANY
DUE DILIGENCE PRESENTATIONS OR DOCUMENTS) ARE NOT AND SHALL NOT BE DEEMED TO BE
REPRESENTATIONS OR WARRANTIES OF

                                      -26-
<PAGE>   33
THE SELLERS OR ANY OF THEIR AFFILIATES, AGENTS, EMPLOYEES OR REPRESENTATIVES.

    6. REPRESENTATIONS, WARRANTIES AND AGREEMENTS REGARDING PURCHASER

         The Purchaser represents and warrants to Sellers as of the date hereof
and as of the Closing Date as follows:

         6.1. ORGANIZATION. The Purchaser is a limited partnership duly
organized, validly existing and in good standing under the laws of the State of
Texas. It has the partnership power to own or lease its properties and to carry
on its business as now being conducted.

         6.2. PARTNERSHIP AUTHORITY. The Purchaser has full partnership power
and authority to execute and deliver this Agreement and the other agreements and
instruments to be executed and delivered by it pursuant hereto and to consummate
the transactions contemplated hereby and thereby. All partnership acts and other
proceedings required to be taken by or on the part of the Purchaser to authorize
it to carry out this Agreement and such other agreements and instruments and the
transactions contemplated hereby and thereby have been duly and properly taken.
This Agreement has been duly executed and delivered by the Purchaser and
constitutes, and each of such other agreements and instruments when duly
executed and delivered by the Purchaser will constitute, a legal, valid and
binding obligation of the Purchaser in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the rights of creditors generally or by general
principles of equity (regardless of whether such enforcement is considered in a
proceeding at law or in equity).

                                      -27-
<PAGE>   34
         6.3. NO VIOLATION. Subject to the filings described in Section 6.4 and
the consents described in Section 7.5, the execution and delivery by the
Purchaser of this Agreement and the other agreements and instruments to be
executed and delivered by it pursuant hereto and its consummation of the
transactions contemplated hereby and thereby will not, to the knowledge of
Purchaser, (i) violate any law, order, writ, decree, injunction, rule or
regulation or (ii) conflict with or result in any breach of, or constitute a
default (or an event that with notice or lapse of time or both would become a
default) under, or result in the creation of a lien or encumbrance on any of the
properties or assets of the Purchaser pursuant to, the partnership agreement of
the Purchaser or any indenture, mortgage, lease, license, agreement or other
instrument to which the Purchaser is a party or by which the Purchaser, or its
properties or assets, may be bound or affected.

         6.4. GOVERNMENTAL APPROVALS. To the knowledge of Purchaser, no
approval, authorization, consent or other order or action of, or filing with,
any court, Governmental Entity is required in connection with the execution and
delivery by the Purchaser of this Agreement or the other agreements and
instruments to be executed and delivered by it pursuant hereto or its
consummation of the transactions contemplated hereby or thereby, except filing
by the Purchaser with the Antitrust Division of the Department of Justice and
the Federal Trade Commission pursuant to the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, which filing the Purchaser will make in accordance
with such Act and will use commercially reasonable efforts to comply with any
requests for additional information pursuant thereto, and those set forth in
Schedule 5.4.

                                      -28-
<PAGE>   35
         6.5. FINANCING. At the Closing, Purchaser will have available (i) cash
sufficient to provide all funds necessary to pay the Purchase Price for the
Purchased Assets and (ii) net assets sufficient to support its obligations under
this Agreement.

         6.6. PURCHASER'S INVESTIGATION. In proceeding with the Closing,
Purchaser will have satisfactorily exercised its due diligence in investigating
the Purchased Assets and PVA Business and the Assumed Liabilities and will have
relied solely upon such due diligence and those representations and warranties
expressly made by Air Products in Article 5 of this Agreement.

    7. FURTHER COVENANTS

         The parties hereto hereby further covenant and agree as follows:

         7.1. ACCESS TO INFORMATION AND DOCUMENTS; FURTHER ASSURANCES.

                  7.1.1. From and after the date hereof but solely for purposes
         of facilitating the orderly transition of operational control of the
         PVA Business to the Purchaser, the Sellers shall give the officers and
         employees of the Purchaser and its designees reasonable access, during
         reasonable business hours, to the offices, production facilities,
         plants, properties, officers, employees, books and records (said books
         and records not to include the Seller's federal or state income tax
         returns) of the PVA Business and shall cause its officers and employees
         to furnish to the Purchaser and its aforesaid representatives such
         financial, technical, operating and other information pertaining to the
         PVA Business as its representatives shall from time to time reasonably
         request and to discuss such

                                      -29-
<PAGE>   36
         information with such representatives (including any of the foregoing
         that Sellers used on a non-exclusive basis in the PVA Business).

                  7.1.2. Sellers shall provide to Purchaser, for a reasonable
         period of time following the Closing (not to exceed 12 months), at
         Purchaser's cost and expense and without liability (whether for
         negligence (simple or gross), strict liability, or otherwise) warranty
         or representation with respect thereto, those services set forth on
         Schedule 7.1.2 in order to facilitate the transition of the PVA
         Business to Purchaser. Purchaser shall provide Sellers with reasonable
         notice of its intent to cease use of any such services. Any such
         transition services shall be deemed to be performed by Purchaser in its
         operation of the PVA Business, for which Purchaser shall indemnify
         Sellers under Section 14.5.4 hereof but without regard to the
         deductible referenced in Section 14.7, with respect to claims by
         Purchaser or any third party.

                  7.1.3. From and after the Closing, upon request and at the
         cost and expense of Purchaser shared equally with Sellers, Sellers
         shall execute, acknowledge and deliver all such further acts,
         assurances, deeds, assignments, transfers, conveyances and other
         instruments and papers as may be reasonably required to sell, assign,
         transfer, convey and deliver to and vest in Purchaser, and more fully
         protect its right, title and interest in and employment of, all
         Purchased Assets and as otherwise may be appropriate to carry out the
         transactions contemplated in this Agreement; provided, however,
         preparation of any and all necessary documentation for the transfer of
         any intellectual property rights will be the responsibility of Sellers,
         and Purchaser, at its cost and expense, shall be responsible for

                                      -30-
<PAGE>   37
         filing and recording such documentation; provided, further, Seller will
         cooperate in signing all necessary documents to transfer such property
         rights as requested.

                  7.1.4. If at any time after the Closing the parties determine
         that certain assets (including the Excluded Assets) were definitionally
         excluded from or included within (as the case may be) the Purchased
         Assets to be transferred hereunder, but were nonetheless intended to be
         included in or made available to Purchaser in its operation of the PVA
         Business, or excluded from the Purchased Assets and retained by
         Sellers, and such assets are necessary to the operation of the PVA
         Business or Sellers' businesses or operations, as the case may be, the
         parties shall cooperate in good faith to determine a mutually
         acceptable method for providing Purchaser or Sellers, as the case may
         be, with timely access to such assets, taking into account Sellers' or
         Purchaser's continued need for and use of such assets.

         7.2. CONFIDENTIALITY AGREEMENTS.

                  7.2.1. Unless and until the Purchaser shall have purchased the
         Purchased Assets and shall have undertaken the obligations of
         confidentiality that any of Sellers shall be subject to at that time,
         Purchaser shall not use for its own purposes or advantages (other than
         in preparation for the orderly transition of operational control of the
         PVA Business to the Purchaser) or publish or disclose to any third
         person any confidential or proprietary information, know-how, formulae
         or trade secret related to the PVA Business or the Purchased Assets,
         including business and financial information (collectively,

                                      -31-
<PAGE>   38
         "Information"), obtained (orally, in writing or observed) from any of
         the Sellers, unless and until Information is or becomes a matter of
         public knowledge through no fault of the Purchaser or is lawfully
         acquired from a third person without restrictions of confidentiality.
         If the Purchaser shall not purchase the Purchased Assets, as
         contemplated by this Agreement, the Purchaser shall not keep or take,
         and shall promptly return, any and all Information which constitutes a
         part of the PVA Business, and shall not keep or take, and shall
         promptly return, any document or other thing embodying any such
         Information. Regardless of whether the Purchaser shall purchase the
         Purchased Assets, the Purchaser shall not use for its own purposes or
         advantages or publish or disclose to any third person any Information
         constituting a part of the business of the Sellers other than the PVA
         Business, unless and until such Information is or becomes a matter of
         public knowledge through no fault of the Purchaser or is lawfully
         acquired from a third person without restrictions of confidentiality.

                  7.2.2. After the Closing Date, the Sellers, except as required
         by law or as consented to by the Purchaser or its designees in writing,
         shall not use for its own purposes or advantages in any business
         competitive with the PVA Business or any part thereof or publish or
         disclose to any third person any confidential information previously
         obtained by it in connection with the PVA Business, unless and until
         such information is or becomes a matter of public knowledge through no
         fault of the Sellers or is lawfully acquired from a third person
         without restrictions of confidentiality or is otherwise retained by
         Sellers as part of the Excluded Assets.

                                      -32-
<PAGE>   39

         7.3. COVENANT NOT TO COMPETE. In order that Purchaser may have and
enjoy the full benefit of the PVA Business, the Sellers hereby agree that they
will not, nor will any of their Affiliates, directly or indirectly, engage in
the manufacture or sale of polyvinyl alcohol for a period of five years from the
Closing Date; provided, however, that, notwithstanding this Section 7.1.3, Air
Products or any of its Affiliates may engage in such business through any
company acquired by Air Products or any of its Affiliates after the date of this
Agreement if such after-acquired company was already engaged in such business at
the time of such acquisition, and the revenues of such company attributable to
that portion of the company engaged in such business during the twelve (12)
months preceding Seller's (or its Affiliate's) acquisition thereof did not
exceed thirty-five percent (35%) of the total revenues of such company during
such period.

         7.4. CLOSING CONDITIONS. The Sellers, on the one hand, and the
Purchaser, on the other hand, agree to use their commercially reasonable efforts
to cause all of the conditions to the obligations of the other to consummate the
transactions contemplated hereby to be satisfied as soon as practicable after
the date of this Agreement.

         7.5. CONSENTS AND APPROVALS, ETC. The Sellers and the Purchaser agree
to use their commercially reasonable efforts to obtain all necessary consents
and approvals of all Governmental Entities, and other persons required in
connection with the transactions contemplated hereby, including, without
limitation, for execution, delivery and performance of this Agreement and
transfer of the Purchased Assets to be acquired hereunder by the Purchaser. The
Sellers agree to use all commercially reasonable efforts to obtain the consent
of any other

                                     - 33 -
<PAGE>   40
party or parties to any claim, contract, license, lease, commitment, sales order
or purchase order to the transfer or assignment thereof to the Purchaser in all
cases in which such consent is required for assignment and has heretofore not
been obtained. To the extent that any of the claims, contracts, licenses,
permits, leases, commitments, sales orders or purchase orders for which
assignment to the Purchaser is provided herein are not assignable without the
consent of another party, this Agreement shall not constitute an assignment or
an attempted assignment if such assignment or attempted assignment would
constitute a breach thereof. If such consent is not obtained, the parties agree
to cooperate in any reasonable arrangements (not including the payment by the
Sellers of additional sums of money to any person) designed to provide for the
Purchaser the rights and obligations under any such claim, contract, license,
permit, lease, commitment, sales order or purchase order, including but not
limited to subcontracting thereof to Purchaser and enforcement at the cost and
for the account of the Purchaser of any and all rights of the Sellers against
the other party thereto arising out of the breach or cancellation thereof by
such other party or otherwise. If and to the extent such arrangements cannot be
made, the Purchaser shall have no obligation with respect to any such claim,
contract, license, permit, lease, commitment, sales order or purchase order.

         7.6. COLLECTIONS. From and after the Closing Date, the Purchaser shall
have the right and authority to collect, for its own account, all accounts
receivable and other items that are being transferred or are intended to be
transferred to the Purchaser as provided in this Agreement, and to endorse with
the name of the appropriate Sellers any checks or drafts received on account of
any such accounts receivable and other items. Each of the Sellers agrees that it

                                     - 34 -
<PAGE>   41
shall promptly transfer or deliver to the Purchaser any cash or other property
that such Sellers may receive after the Closing Date in respect of any claims,
contracts, licenses, permits, leases, commitments, sales orders, purchase
orders, accounts receivable or other items that are being transferred or are
intended to be transferred to the Purchaser as provided in this Agreement,
including any amounts payable as interest in respect thereof.

         7.7. INSTRUMENTS OF TRANSFER TO THE PURCHASER. On the Closing Date, the
Sellers shall deliver to the Purchaser such bills of sale, endorsements,
assignments and other good and sufficient instruments of assignment, transfer
and conveyance, in form and substance reasonably satisfactory to the Purchaser
and its counsel, as shall be effective to vest in the Purchaser all of Sellers'
title to the Purchased Assets. Simultaneously with such delivery, the Sellers
shall take all actions necessary to put the Purchaser in actual possession and
operating control of the Purchased Assets. From and after the Closing Date, upon
request of the Purchaser, the Sellers shall execute, acknowledge and deliver all
such further assignments, transfers, conveyances and other instruments as may be
necessary to assign, transfer and convey to and vest in the Purchaser and more
fully protect its right, title and interest in the Purchased Assets, and as
otherwise may be appropriate to carry out the transactions contemplated by this
Agreement.

         7.8. CONDUCT OF PVA BUSINESS PRIOR TO THE CLOSING DATE. Except as
permitted by the prior written consent of the Purchaser, between the date hereof
and the Closing Date, the Sellers shall continue to conduct the PVA Business in
the ordinary course, consistent with past practice. Without limiting the
generality of the foregoing, each of the Sellers covenants that, between the
date hereof and the Closing Date:

                                     - 35 -
<PAGE>   42
                  7.8.1. it will use its commercially reasonable efforts to
         preserve the PVA Business;

                  7.8.2. with respect to the PVA Business, it will not modify,
         amend or terminate any material contracts, or waive, release or assign
         any material claims relating to post-Closing events, except in the
         ordinary course of business consistent with past practice;

                  7.8.3. with respect to the PVA Business, it will not enter
         into any material commitment, including any capital expenditure to be
         expended after the Closing Date, except in the ordinary course of
         business consistent with past practice;

                  7.8.4. with respect to the PVA Business, it will not transfer,
         sell or dispose of any assets other than in the ordinary course of
         business consistent with past practice;

                  7.8.5. it will not make any material change in the
         compensation or benefits payable or to become payable to any of the
         Employees (other than normal recurring increases in the ordinary course
         of business consistent with past practice), or adopt, enter into or
         amend any employment, severance, consulting, or termination agreement
         with, or employee benefit plan for, any of the Employees;

                  7.8.6. with respect to the PVA Business, it will not make any
         material change to any of the accounting methods used by it unless
         required by GAAP; and

                  7.8.7. it will not enter into any agreement, contract,
         commitment or arrangement to do any of the foregoing.

                                     - 36 -
<PAGE>   43
         7.9. USE OF NAMES. On and after the Closing Date, neither the Purchaser
nor its Affiliates shall use the name "Air", "Air Products", "Airvol" or "Airvol
PLUS" or any combination thereof, or logos, slogans, symbols or designs
signifying the same in any form, variation or manner in connection with the PVA
Business or any business that the Purchaser or its Affiliates may thereafter
conduct. Notwithstanding the foregoing, after the Closing, Purchaser may use and
distribute existing products, shipping materials, purchase orders, stationery,
invoices, sales, promotional or other forms of literature, included in the
Purchased Assets, that bear any of the aforementioned names, logos, slogans,
symbols or designs provided Purchaser attaches a sticker or name plate that
discloses the acquisition of such Purchased Assets by Purchaser. The right
granted in the immediately preceding sentence shall terminate on the sixth-month
anniversary of the Closing Date, provided that such right shall continue with
respect to bagged, finished goods Inventory until such time as the Inventory is
sold so long as Purchaser uses commercially reasonable efforts to sell existing
Inventory first.

         7.10. RECOGNITION OF EMPLOYEES' UNION. The Purchaser shall at the
Closing recognize the Paper, Allied-Industrial, Chemical & Energy Workers'
International Union, Local 5-727 (PACE) as the exclusive bargaining agent for
the hourly employees performing services in connection with the PVA Business at
the Calvert City, Kentucky, plant.

         7.11. SEGREGATION OF THE PLANTS. The parties shall undertake to
segregate the Purchased Assets and the premises leased under the Ground Leases
from those assets and operations of Sellers on the remainder of Sellers'
Pasadena and Calvert City sites, with each party responsible

                                     - 37 -
<PAGE>   44
for undertaking and completing their respective obligations as and within the
time periods set forth on Schedule 7.11.

         7.12. NOTIFICATION OF CERTAIN MATTERS.

                  7.12.1. From time to time prior to the Closing, each party
         shall promptly supplement or amend the Schedules with respect to any
         matter discovered after the date hereof that, if existing at, or
         occurring on, the date of this Agreement, would have been required to
         be set forth or described in the Schedules on the date hereof.

                  7.12.2. Each party shall give notice to the other promptly
         after becoming aware of the occurrence or non-occurrence of any event
         whose occurrence or non-occurrence would cause either (1) any
         representation or warranty thereof contained in this Agreement to be
         untrue or inaccurate in any material respect at the Closing Date or (2)
         any condition set forth in Article 8 or 9, as the case may be, to be
         unsatisfied.

         7.13. PREPARATION AND FILING OF TAX RETURNS. To the extent not filed
prior to the Closing Date, and to the extent not otherwise inconsistent with the
law or practice of a Governmental Entity, Sellers shall prepare (or cause to be
prepared), at its own expense and in a manner consistent with past practice, all
real and/or personal property tax returns required to be filed with respect to
the Purchased Assets for all periods up to and including the Closing Date. To
the extent that any real and/or personal property tax that is determined and
paid based upon such returns, and to the extent that such tax is to be prorated
between the parties in accordance with Section 13.3 hereof, then not less than
twenty (20) business days prior to the date on which

                                     - 38 -
<PAGE>   45
each such return is due to be filed (taking into account any applicable
extensions), the appropriate Seller or Sellers shall deliver a draft of each
such return to Purchaser for its prompt review and consent, which consent shall
not be unreasonably withheld. Sellers or Purchaser (as required by law) shall
timely file (or cause to be timely filed) such returns. Seller or Purchaser (as
required by law) shall timely pay the amount due with respect to any such tax
return to the appropriate Governmental Entity, and such paying party shall
promptly deliver an invoice to the other party for the other party's prorated
portion of such tax, determined under Section 13.4.

         7.14. PASADENA WASTEWATER. With respect to the Pasadena PVA facility,
Seller will assign or arrange to have assigned to Purchaser wastewater capacity
of 8,000 pounds biological oxygen demand ("BOD") per day (the amount of
additional BOD which Seller acquired when building the PVOH Plant) for discharge
to the Washburn Tunnel of the Gulf Coast Waste Disposal Authority. Seller agrees
to transfer this amount of the BOD capacity allocation to Purchaser at or around
the time of Closing depending on when the new sewer line is ready for use (by
Closing or within two months thereafter). To confirm that Seller receives
adequate capacity, Seller and Buyer agree to conduct a post-closing testing
program based upon a mutually agreed upon testing protocol. At the conclusion of
such testing program, should the Parties mutually agree that the amount of BOD
actually required by the Pasadena PVA facility adequate for the typical
operation of the facility differs from the original 8,000 pound allocation, they
will make such transfers of BOD as necessary from the original 8,000 pound
allotment to provide Purchaser with that amount. If the Parties fail to mutually
agree on an amount, Purchaser's 8,000 pound capacity allocation shall remain.
The Parties further agree to request

                                     - 39 -
<PAGE>   46
that Gulf Coast Waste Disposal Authority allow the Parties to temporarily share
each other's allocations, as mutually agreed, during maintenance or upset
conditions.

         7.15. ENVIRONMENTAL SITE ASSESSMENTS. The parties hereto hereby further
covenant and agree as follows:

                  7.15.1. Prior to Closing, Purchaser and/or its attorneys,
         agents and consultants are permitted to undertake at Purchaser's cost
         and expense, environmental site assessments, consisting of Phase I
         Environmental Site Assessment (i.e. noninvasive investigations of and
         inquiries to generally evaluate the environmental condition of the
         Premises). With respect to the Premises at Pasadena, Texas, Purchaser
         shall within one year from the date of Closing complete a Phase II
         Environmental Site Assessment (i.e. soil and ground water analysis,
         installation of soil borings, groundwater monitoring wells and other
         investigatory activities) to identify and establish the environmental
         releases and condition of the Premises which shall be used as the
         Environmental Baseline for purposes of Sec. 14 of the Asset Purchase
         Agreement (such Phase I and Phase II Environmental Site Assessments
         shall be collectively referred to as "Environmental Work").

                  7.15.2. Prior to initiating the Pasadena Phase II
         Environmental Site Assessment ("ESA"), Purchaser shall provide Seller
         with a detailed workplan for Seller's information. Purchaser shall have
         the right to modify the work plan or vary from the workplan as the ESA
         is conducted but shall keep Seller reasonably

                                     - 40 -
<PAGE>   47
         informed of any changes. Purchaser and/or its consultant shall split
         all samples with Seller and timely provide Seller with a copy of all
         Phase II sampling results and a copy of all draft and final ESA
         reports. At Seller's request and cost, Purchaser will assist Seller in
         pursuing any claims for contamination caused by unrelated entities that
         may be discovered through the ESA. Seller shall assume full
         responsibility for the proper, legal and environmentally sound disposal
         of all excavated soil, drilling mud, surface water, sediment,
         groundwater and other residuals and waste (collectively "Residuals")
         created by the ESA provided that Purchaser shall reimburse Seller for
         the reasonable costs of sampling, transportation and disposal which
         shall be based on the assumptions shown on Appendix D of the Ground
         Lease. Once the Residuals are transferred by Purchaser to Seller,
         Seller shall indemnify, defend and hold harmless Purchaser from and
         against any and all liabilities, losses, claims, demands, penalties,
         fines, settlements, costs or expenses to the extent resulting or
         arising from the further sampling, transportation, disposal or other
         handling of such Residuals.

                  7.15.3. Purchaser shall indemnify, defend and hold harmless
         Seller from and against any and all liabilities, losses, claims,
         demands, penalties, fines, settlements, costs or expenses to the extent
         resulting or arising from the Environmental Work or related activities
         of Purchaser and/or its consultant on the Premises ("Due Diligence
         Damages"); provided, however, that neither Purchaser nor its
         consultants shall be liable for any Due Diligence Damages attributable
         to

                                     - 41 -
<PAGE>   48
         the environmental condition of the Premises prior to the date of this
         Agreement that was not caused in whole or in part by Purchaser. If,
         however, during Purchaser's due diligence activities, Seller can
         establish by a preponderance of the evidence that Purchaser and/or its
         consultants have exacerbated the adverse environmental condition of the
         Premises, Purchaser shall indemnify Seller for the incremental costs of
         remedying any Due Diligence Damages attributable to Purchaser's
         activities in connection therewith.

                  7.15.4. Seller shall cooperate with Purchaser in conducting
         the Environmental Work.

                  7.15.5. At the completion of the Environmental Work, Purchaser
         shall restore the Premises to substantially the condition in which the
         Premises existed on the date hereof. The access rights for
         Environmental Work granted herein shall extend to Seller's property
         other than the Premises only as specifically agreed to by Seller in
         writing.

         7.16 CALVERT CITY ASBESTOS SURVEY. Within three months following
Closing, Sellers shall at their expense:

                  7.16.1. Survey the Calvert City Premises for the presence and
         condition of any insulation containing asbestos. Sellers shall provide
         notice to Purchaser prior to conducting the survey and shall allow a
         representative(s) of Purchaser to accompany Seller's representative(s)
         during their conduct of the survey.

                                     - 42 -
<PAGE>   49
                  7.16.2. Should any of the insulation containing asbestos not
         comply with either applicable laws or Seller's applicable standard
         found at Sec. 5.4.1 of Seller's Calvert City Plant Safety Manual which
         states: "Any asbestos-containing insulation with apparent surface
         damage shall be removed and replaced with a non-asbestos material. If
         the surface damage is a small fraction of the total area and removal is
         considered to be potentially more hazardous than repair, then, with the
         approval of the [APCI Calvert City] Health and Safety Manager, the
         damaged asbestos containing insulation may be repaired," Seller shall
         bring the insulation into compliance with the laws or standard. Any
         asbestos removed by Seller shall be done in compliance with all
         applicable laws.

         7.17. CALVERT CITY SEWERS. Within nine months following Closing,
Sellers shall, at their expense:

                  7.17.1. Test all the underground sewers, including any
         underground conveyance lines between the production units and the main
         sewer line, on the Premises at Calvert City to determine the integrity
         of the lines and if they are free from obstructions and allow free
         drainage. The test shall, at a minimum where reasonably possible,
         consist of an examination of the sewers' physical condition by use of
         video cameras and low pressure hydrostatic testing. At least two weeks
         prior to initiating the testing, Seller shall provide Purchaser with a
         testing protocol for Purchaser's review and comment. Seller agrees to
         incorporate any of Purchaser's reasonable comments.

                                     - 43 -
<PAGE>   50
                  7.17.2 Sellers shall repair or replace any portions of the
         sewers found to contain cracks, be leaking, or fail the hydrostatic
         test and shall repair any plugged lines. Any replacement lines must
         have comparable capacity and be able to provide long-term integrity.
         Notwithstanding 7.17.1, at Seller's option, Seller may forego testing
         of portions of the sewers and repair or replace them.

                  7.17.3. Any routine Releases from the sewers between Closing
         and completion of the project described in 7.17.1 and .2 shall be
         considered Releases that occurred prior to Closing for purposes of
         Article 14 of this Agreement. Such routine Releases shall not include
         extraordinary Releases caused by Purchaser or its agents including but
         not limited to Releases due to Purchaser's damage to the sewers.

                  7.17.4. Sellers shall be responsible for conducting the sewer
         testing, repair, and/or replacement in compliance with all applicable
         laws, including any notification provisions. Purchaser agrees to
         provide Seller and its contractors and agents with necessary access to
         the Premises to undertake and complete such testing, repairs and/or
         replacement and to cooperate with Seller and its contractors and agents
         in scheduling and completing the work.

8.       CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PURCHASER

         The obligation of the Purchaser to proceed with the Closing hereunder
is, at the option of the Purchaser, subject to the satisfaction of the following
conditions on the Closing Date:

                                     - 44 -
<PAGE>   51
         8.1. LEGAL MATTERS. All actions, proceedings, instruments and documents
required of Sellers to carry out this Agreement or incidental hereto, and all
other related legal matters, shall be reasonably satisfactory to counsel for the
Purchaser.

         8.2. REPRESENTATIONS AND WARRANTIES. The representations and warranties
made by the Air Products in this Agreement shall be true and correct (with
respect to those representations and warranties not containing materiality
exceptions or qualifications, in all material respects) on and as of the Closing
Date with the same effect as though made on and as of the Closing Date.

         8.3. COVENANTS AND AGREEMENTS. All the terms, covenants, agreements and
conditions of this Agreement to be complied with and performed by the Sellers on
or before the Closing Date shall have been complied with and performed in all
material respects.

         8.4. OFFICER'S CERTIFICATE. The Purchaser shall have received
certificates of appropriate officers of Air Products to the effect of Sections
8.2 and 8.3 hereof.

         8.5. LITIGATION. No statute, rule, regulation or injunction shall be in
effect prohibiting and no action, suit, proceeding or investigation by any
Governmental Entity of competent jurisdiction shall have been instituted or
threatened to restrain, prohibit or invalidate any of the transactions
contemplated by this Agreement.

         8.6. CONSENTS. There shall have been received all consents, waivers and
approvals from all Governmental Entities necessary for the consummation of the
transactions contemplated hereby and from those parties necessary for the
assignment of the contracts listed on Schedule 8.6 hereof (unless and except for
those contracts with respect to which Sellers are able to provide

                                     - 45 -
<PAGE>   52
the full economic benefit of such contracts to Purchaser under Section 7.5
without additional cost to Purchaser).

         8.7. ENABLING AGREEMENTS. The appropriate Sellers shall have executed
the respective Enabling Agreements.

         8.8. TECHNOLOGY LICENSE. Air Products shall have executed the
Technology License.

         8.9. APP/WPS AGREEMENTS. The term of Sellers' polyvinyl alcohol
contracts (i) with Air Products Polymers, L.P. ("APP") and Wacker Polymer
Systems GmbH & Co. KG ("WPS") shall have been extended until September 30, 2003,
or (ii) with APP shall have been extended to September 30, 2004 and with WPS
shall have been extended until September 30, 2002. The extensions shall be in
writing and signed by the parties.

9.       CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLERS.

         The obligation of the Sellers to proceed with the Closing hereunder is,
at the option of Air Products, subject to the satisfaction of the following
conditions on the Closing Date:

         9.1. LEGAL MATTERS. All actions, proceedings, instruments and documents
required of Purchaser to carry out this Agreement or incidental hereto, and all
other related legal matters, shall be reasonably satisfactory to counsel for the
Sellers.

         9.2. REPRESENTATIONS AND WARRANTIES. The representations and warranties
made by the Purchaser in this Agreement shall be true and correct (with respect
to those representations

                                     - 46 -
<PAGE>   53
and warranties not containing materiality exceptions or qualifications, in all
material aspects) on and as of the Closing Date with the same effect as though
made on and as of the Closing Date.

         9.3. COVENANTS AND AGREEMENTS. All the terms, covenants, agreements and
conditions of this Agreement to be complied with and performed by the Purchaser
on or before the Closing Date shall have been complied with and performed in all
material respects.

         9.4. OFFICER'S CERTIFICATE. The Sellers shall have received
certificates of appropriate officers of the Purchaser to the effect of Section
9.2 and 9.3 hereof.

         9.5. LITIGATION. No statute, rule, regulation or injunction shall be in
effect prohibiting and no action, suit, proceeding or investigation by any
Governmental Entity of competent jurisdiction shall have been instituted or
threatened to restrain, prohibit or invalidate any of the transactions
contemplated by this Agreement.

         9.6. CONSENTS. There shall have been received all consents, waivers and
approvals from all Governmental Entities necessary for the consummation of the
transactions contemplated hereby and from those parties necessary for the
assignment of the contracts listed on Schedule 9.6 hereof (unless and except for
those contracts with respect to which Sellers are able to provide the full
economic benefit of such contracts to Purchaser under Section 7.5 without
additional cost to Purchaser).

         9.7. ENABLING AGREEMENTS. The Purchaser shall have executed and
delivered each of the Enabling Agreements.

                                     - 47 -
<PAGE>   54
         9.8. TECHNOLOGY LICENSE. Purchaser shall have executed the Technology
License.

10.      EMPLOYEES.

         10.1. Purchaser shall offer to hire all Employees actively at work or
available for work on the Closing Date; provided however, Purchaser, at its sole
discretion, may decline to hire up to 10 hourly Employees located at the Calvert
City site. All such Employees who are hired by Purchaser shall be retained by
Purchaser for a period of 12 months following the Closing Date, unless earlier
separated for cause. Sellers shall not directly or indirectly employ or rehire
any Employee without Purchaser's consent for a period of 12 months after the
Closing Date.

         10.2. As of the Closing, all Employees employed by Purchaser on the day
after the Closing Date initially shall receive a base salary or hourly wage at
least equal to his or her base salary or hourly wage level in effect on the
Closing Date.

         10.3. Purchaser shall extend, on the day after the Closing Date,
Purchaser's then-existing employee welfare benefit plans and employee pension
benefit plans, both as defined in Section 3 of ERISA, to all such Employees;
provided that the only transferred Employees who may become eligible to
participate in Purchaser's Retirement Medical Plan are those transferred
Employees who, as of the Closing, will not have an entitlement for benefits
under any retirement medical plan of Sellers or their Affiliates. Except with
respect to Purchaser's Retirement Medical Plan to the extent described in the
preceding sentence, Purchaser shall recognize the transferred Employees' prior
service with Sellers and their Affiliates for purposes of eligibility, vesting
and benefit accrual in Purchaser's employee welfare benefit plans and employee
pension benefit

                                     - 48 -
<PAGE>   55
plans, provided that Purchaser shall be entitled to subtract from the benefit
amount due to Employees under its employee pension benefit plan an amount equal
to the benefit amount such Employees would have been entitled to receive under
Sellers' employee pension benefit plan had the Employee commenced receipt of
pension payments under the Sellers' employee pension benefit plan at the same
time as the Employee commenced receipt of pension payments under the Purchaser's
employee pension benefit plan. Purchaser shall allow Employees with vacation
earned for 2000 but unused as of the Closing Date to use such vacation, up to a
maximum of 4 weeks, prior to the end of the year. Purchaser shall (i) cause its
group health plans to cover transferred Employees and dependents of transferred
Employees who are covered under Seller's Air Products Medical Plan as of the day
after the Closing Date and to assume full liability for expenses incurred by
such Employees and dependents after the Closing Date; (ii) waive proof of
insurability requirements for both basic and optional benefit coverage under its
group health plans or other group insurance welfare benefit plans; (iii) credit
deductible payments and co-insurance payments made by Employees under Seller's
group health plans on or prior to the Closing Date in 2000 towards deductibles
and stop losses in effect for its group health plans for 2000; (iv) waive all
pre-existing condition clauses in its group health plans for Employees; and (v)
waive eligibility waiting periods for Employees for any employee benefit plans
maintained by Purchaser after the Closing Date. For purposes of the preceding
sentence, "group health plan" shall have the meaning set forth in Section
5000(b)(1) of the Code.

         10.4. Except as may be provided under the applicable Plans of Purchaser
or its Affiliates with respect to the termination of a transferred Employee's
employment after the Closing, but

                                     - 49 -
<PAGE>   56
subject to Sections 10.1 and 10.3 of this Article 10, neither Purchaser nor its
Affiliates shall be obligated to provide any severance or separation pay
benefits to any Employee on account of any termination of the Employee's
employment (whether before, upon, or after the Closing) or be responsible for
any pre-Closing salary or payroll payments to such Employees, and such benefits
(if any) or salary and payroll payments shall be payable by Sellers or their
Affiliates.

         10.5. Except as provided in the immediately following sentence, Sellers
or their Affiliates shall be responsible for providing such "continuation
coverage" (within the meaning of the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended ("COBRA")) as is required pursuant to COBRA in respect
of any Employee who incurs a "qualifying event" (as such term is defined in
COBRA) either before, upon or after the Closing. Notwithstanding the foregoing
sentence, Purchaser shall be responsible for providing such continuation
coverage as is required under COBRA in respect of any Transferred Employee who
incurs a qualifying event after the Closing or who incurs such a qualifying
event prior to the Closing as to which notice is not provided to the Sellers or
their Affiliates until after the Closing.

         10.6. Notwithstanding the foregoing, any obligation imposed on
Purchaser under this Article 10 shall be subject to the terms of any collective
bargaining agreement to which the Purchaser may be subject.

11.      BROKERAGE

         Each party hereto hereby agrees to indemnify and hold harmless the
other against and in respect of any liability, cost or expense resulting from
any agreement, arrangement or

                                     - 50 -
<PAGE>   57
understanding made by such party with any third party for brokerage or finders
fees or other commissions relative to this Agreement or the transactions
contemplated hereby. Air Products acknowledges that it has retained Goldman,
Sachs & Co. in connection with this Agreement.

12.      EXPENSES

         Except as otherwise provided herein, each party hereto shall bear all
expenses incurred by it in connection with this Agreement and the consummation
of the transactions contemplated hereby, including, without limitation, all
compensation and expenses of their respective counsels, actuaries and
accountants.

13.      TAXES

         13.1. The parties understand and agree that there will be added to the
Purchase Price any excise, use, value added or sales tax, now or hereafter
imposed by or under the authority of any federal, state or local law, rule or
regulation with respect to the purchase of the Purchased Assets by the
Purchaser. The Purchaser expressly authorizes the Sellers to collect and remit
such taxes as may be required by any applicable laws. If the purchase of any
Purchased Assets is exempt from sales or use tax, the Purchaser shall furnish
the Sellers with a valid exemption certificate in form and content acceptable to
the Sellers.

         13.2. The Purchaser shall be responsible for and shall pay any and all
transfer, stamp, documentary, title and recording taxes or fees applicable to
the transfer of the Purchased Assets under this Agreement, with the exception of
the Kentucky Real Estate Transfer tax which will be split evenly between the
Purchaser and Air Products. Air Products shall undertake any action

                                     - 51 -
<PAGE>   58
necessary to report and pay such Real Estate Transfer Tax, and shall promptly
thereafter issue an invoice to Purchaser reflecting Purchaser's one half of said
Real Estate Transfer Tax, which amount Purchaser shall promptly reimburse to Air
Products.

         13.3. Real and personal property taxes applicable to any of the
Purchased Assets, including but not limited to any payments made under an
Industrial District Agreement or any similar agreement under which amounts are
paid to a Governmental Entity in lieu of property taxes, shall be prorated
between the parties hereto as of the Closing Date.

         13.4. Sellers shall be liable for, and shall indemnify and hold
Purchaser harmless from and against, any Tax liability imposed or incurred with
respect to the Purchased Assets for all taxable periods (or any portion thereof)
before the Closing Date, other than Taxes described in Section 13.3.

         13.5. Purchaser shall be liable for, an shall indemnify and hold
Sellers harmless from and against, any Tax liability imposed or incurred with
respect to the Purchased Assets for all taxable periods (or any portion thereof)
after the Closing Date, other than Taxes described in Section 13.3.

14.      SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

         14.1. The representations, warranties, covenants and agreements
contained in this Agreement and the certificates delivered pursuant to this
Agreement shall survive the Closing, but shall be subject to all limitations and
other provisions relating thereto contained in this Agreement. Such
representations, warranties, covenants and agreements contained herein are

                                     - 52 -
<PAGE>   59
exclusive, and the parties hereto confirm that they have not relied upon any
other representations, warranties, covenants and agreements as an inducement to
enter into this Agreement or otherwise. Following the Closing, and except with
respect to the Enabling Agreements and the remedies provided therein and to the
extent provided in the parenthetical of the succeeding sentence, the remedies
provided in this Article 14 shall be the sole recourse of all parties hereto for
all claims, liabilities, losses, damages, costs and expenses related to or
arising, at law, under any statute or in equity (including but not limited to
those arising under any Environmental Laws), or otherwise, directly or
indirectly, out of this Agreement or the transactions contemplated hereby. In
furtherance of the foregoing, each party hereto waives, from and after the
Closing, to the fullest extent permitted by law, any and all rights, claims,
actions or causes of actions (other than claims of, or causes of action arising
from, fraud and, with respect to those matters which are subject to indemnity
under Sections 14.2.3 and 14.5.4, the right to implead the other party in a
third-party action) it may have against the other party hereto relating to the
subject matter of this Agreement other than the remedies expressly provided in
this Article 14. The foregoing is not intended to limit the parties' rights or
remedies against each other for tortious or other wrongful conduct against the
other with respect to actions taken by any of them (other than in performing
those covenants and agreements contained in this Agreement) after the Closing
Date.

         14.2. Subject to Sections 14.3 and 14.4 and (with respect only to third
party claims or actions) 14.8 hereof, Sellers agree to defend, indemnify and
hold harmless Purchaser and its Affiliates and their respective officers and
directors and the respective successors and permitted

                                     - 53 -
<PAGE>   60
assigns of each of them against and in respect of any costs (including but not
limited to reasonable costs of compliance), damages (including but not limited
to claims for natural resource damages, remediation, response and investigation,
whether brought in law or at equity), losses, expenses, penalties or other
liabilities (including legal and other expenses incurred in investigating and
defending any claims or deficiencies) BUT NOT INCLUDING INCIDENTAL, INDIRECT,
CONSEQUENTIAL OR PUNITIVE DAMAGES OF ANY KIND, INCLUDING WITHOUT LIMITATION
BUSINESS INTERRUPTION, LOST PROFITS, OR LOST BUSINESS OPPORTUNITIES
(collectively, "Losses") incurred by Purchaser or any of its Affiliates or any
of their respective officers and directors and the respective successors and
permitted assigns of each of them, in connection with the ownership or operation
of the Purchased Assets or the PVA Business and to the extent resulting or
arising from:

                  14.2.1. a breach of any of the representations, warranties,
         covenants or agreements (other than the Enabling Agreements) made or to
         be performed by Sellers or their successors pursuant to this Agreement
         or in any certificate or instrument delivered pursuant hereto, it being
         understood that for purposes of this subsection 14.2.1, materiality
         exceptions and qualifications set forth in any representation or
         warranty contained in this Agreement other than Section 5.7, 5.9 and
         5.11 shall be disregarded;

                  14.2.2. (i) any activity or condition in violation of
         Environmental Laws at the time of Closing including but not limited to
         noncompliance with regulations and permits but only to the extent that
         any such noncompliance occurred or existed prior to Closing.

                                     - 54 -
<PAGE>   61
                  With respect to claims made by Purchaser, this subsection
                  shall apply only to those for which Seller was provided with
                  written notice within one year of the date of Closing, and
                  with respect to claims by third parties, this subsection shall
                  apply only to those for which Seller was provided with written
                  notice within seven years of the date of Closing;

                           (ii) any claim, demand or obligation under
                  Environmental Laws made by a third party (including a
                  Governmental Entity) without Unreasonable Contact from
                  Purchaser-Affiliated Parties and arising from any Release of a
                  Hazardous Substance or Environmental Condition affecting the
                  Premises due to the activities or operations of Seller or a
                  Seller-Associated Party on a site adjacent to or in the
                  vicinity of the Premises at any time either before or after
                  Closing, or Hazardous Substances sent from the real property
                  or facilities used by Seller prior to the date of Closing
                  (including any off-site transportation, treatment, storage or
                  disposal of a Hazardous Substance on or prior to the Closing
                  Date that may create Superfund or similar remediation
                  responsibility).

                           (iii) with respect to the Premises at Calvert City,
                  Kentucky, any claim, demand, or obligation under Environmental
                  Laws (or related equitable claims) made by a third party
                  (including a Governmental Entity) without Unreasonable Contact
                  from Purchaser-Associated Parties and arising from any Release
                  of a Hazardous Substance or Environmental Condition on the
                  Premises demonstrated by a preponderance of the evidence to
                  have occurred or existed prior to Closing;

                                     - 55 -
<PAGE>   62
                           (iv) with respect to the Premises at Calvert City,
                  Kentucky, any claim, demand, or obligation under Environmental
                  Laws (or related equitable claims) made by a third party
                  (including a Governmental Entity) without Unreasonable Contact
                  from a Purchaser-Associated Party and arising from any Release
                  or Environmental Condition not demonstrated to occur prior to
                  Closing (which would be Seller's responsibility) or after
                  Closing (which would be Purchaser's responsibility)
                  (hereinafter "Undemonstrated Environmental Incident") but
                  subject to the following:

                           1.       100% of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    first ten years following the Closing Date;

                           2.       29/40th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    eleventh year following the Closing Date;

                           3.       29/41st of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twelfth year following the Closing Date;

                           4.       29/42nd any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    thirteenth year following the Closing Date;

                           5.       29/43rd of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    fourteenth year following the Closing Date;

                           6.       29/44th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    fifteenth year following the Closing Date.

                           7.       29/45th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    sixteenth year following the Closing Date;

                           8.       -29/46th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    seventeenth year following the Closing Date;

                           9.       -29/47th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    eighteenth year following the Closing Date;

                                     - 56 -
<PAGE>   63
                           10.      -29/48th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    nineteenth year following the Closing Date;

                           11.      -29/49th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twentieth year following the Closing Date;

                           12.      29/50th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twentieth year following the Closing Date;

                           13.      -29/51st of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-first year following the Closing
                                    Date;

                           14.      -29/52nd of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-second year following the Closing
                                    Date;

                           15.      -29/53rd of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-third year following the Closing
                                    Date;

                           16.      -29/54th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-fourth year following the Closing
                                    Date;

                           17.      -29/55th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-fifth year following the Closing
                                    Date;

                           18.      -29/56th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-sixth year following the Closing
                                    Date;

                           19.      -29/57th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-seventh year following the Closing
                                    Date;

                           20.      -29/58th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser during the
                                    twenty-eighth year following the Closing
                                    Date;

                                     - 57 -
<PAGE>   64
                           21.      -29/59th of any Undemonstrated Environmental
                                    Incident claimed by Purchaser in writing
                                    during the thirtieth year following the
                                    Closing Date;

                  Thereafter Purchaser shall be fully responsible and indemnify
                  Seller for all Undemonstrated Environmental Releases as
                  provided for at Sec. 14.5.2 (v) below. Claims made under this
                  subsection shall be in writing and the percentage at the time
                  of initial written notification shall apply to all associated
                  elements of the Loss that has been asserted by third parties
                  at the time of initial written notification.

                           (v) with respect to the Premises at Pasadena, Texas,
                  any claim, demand, or obligation under Environmental Laws (or
                  related equitable claims) made by a third party (including a
                  Governmental Entity) without Unreasonable Contact from a
                  Purchaser-Associated Party arising from, for soil and
                  groundwater, any Release of a Hazardous Substance or
                  Environmental Condition on the Premises shown by the Phase II
                  Environmental Site Assessment described at Sec. 7.15.2 above,
                  or for other than soil or groundwater, any Release of a
                  Hazardous Substance shown by a preponderance of the evidence
                  to have occurred or existed prior to Closing.

                  14.2.3. except for matters which are covered by subsection
         14.2.2 above, and except as may be otherwise provided in the Enabling
         Agreements, any claim, demand or condition asserted before or after the
         Closing Date with respect to the PVA Business or Sellers' (or any
         predecessors thereto) operation of the PVA Business or the Purchased

                                     - 58 -
<PAGE>   65
         Assets, arising out of events or conditions occurring prior to Closing,
         except for the Assumed Liabilities.

                  The obligations of each of the Sellers hereunder shall bind
         the successors and assignees of each such Seller.

         14.3. Sellers' obligations to defend, indemnify and hold harmless under
Section 14.2 shall apply to a Claim Notice given pursuant to Section 14.8 within
the following periods:

<TABLE>
<S>                                          <C>
                 Section 14.2.1              December 31, 2002.

                 Section 14.2.2              No time limit.

                 Section 14.2.3              10 years after the Closing Date.
</TABLE>

         14.4. Sellers' obligations to defend, indemnify and hold harmless under
Sections 14.2.1 or 14.2.3 shall apply only after Purchaser and the other persons
entitled to indemnity under this Article 14 have suffered Losses in excess of an
aggregate of two million dollars ($2,000,000), and then only to the extent that
the aggregate Losses exceed such two million dollars ($2,000,000). Sellers'
obligations under this Article 14 shall apply only to any individual Loss that
shall exceed twenty-five thousand dollars ($25,000). In any event, Sellers'
obligations under subsections 14.2.1 and 14.2.3 shall cease when the aggregate
amount of Losses indemnified hereunder equals fifty percent (50%) of the
Purchase Price (as adjusted pursuant to Article 3); provided, however, the
foregoing monetary limit of fifty percent (50%) shall be reduced
dollar-for-dollar for any amounts expended by Sellers is satisfaction of their
obligations under subsection 14.2.2. Any

                                     - 59 -
<PAGE>   66
claim which is within the description of subsection 14.2.1 and which is also
within the description of subsection 14.2.2 shall be deemed to be asserted and
treated hereunder for all purposes as a claim arising out of subsection 14.2.2.
The limitations in Section 14.3 and in this Section 14.4 on Sellers' obligation
to defend, indemnify and hold harmless do not apply to a breach of Sellers'
representation in Section 5.21 or to a breach of Sellers' covenant in Section
7.3.

         14.5. Subject to Sections 14.6 and 14.7 and (with respect only to third
party claims and actions) Section 14.8 hereof, Purchaser agrees to defend,
indemnify and hold harmless Sellers and any of their Affiliates and any of their
respective officers and directors and the respective successors and permitted
assigns of each of them against and in respect of any Losses resulting or
arising from:

                  14.5.1. a breach of any of the representations, warranties,
         covenants or agreements (other than the Enabling Agreements) made or to
         be performed by Purchaser or its successors pursuant to this Agreement
         or in any certificate or instrument delivered pursuant hereto, it being
         understood that for purposes of this Section 14.5.1, all materiality
         exceptions and qualifications set forth in any representation or
         warranty of Purchaser contained in this Agreement shall be disregarded;
         and

                  14.5.2. (i) any activity or condition in violation of
         Environmental Laws including but not limited to noncompliance with
         regulations and permits to the extent that any such noncompliance
         occurs or exists after Closing;

                                     - 60 -
<PAGE>   67
                  (ii) any claim, demand or obligation under Environmental Laws
         made by a third party (including a Governmental Entity) without any
         Unreasonable Contact from any Seller-Associated Party and arising from
         any Release of a Hazardous Substance sent from any of the facilities or
         real property used by Purchaser after Closing (including any off-site
         transportation, treatment, storage or disposal of a Hazardous Substance
         on or after the Closing Date that may create Superfund or similar
         remediation responsibility);

                   (iii) with respect to the Premises at Calvert City, Kentucky,
         any claim, demand or obligation under Environmental Laws (or related
         equitable claims) made by a third party (including a Governmental
         Entity) without any Unreasonable Contact from any Seller-Associated
         Party and arising from any Release of a Hazardous Substance or an
         Environmental Condition on the Premises, or a Release of a Hazardous
         Substance or Environmental Condition by Purchaser that affects Seller's
         property, activities or operations in the vicinity of the Premises,
         that is demonstrated by a preponderance evidence to occur or originate
         after Closing or to contribute to Seller's Loss after Closing;

                  (iv) with respect to the Premises at Calvert City, Kentucky,
         any and all Undemonstrated Environmental Incidents for which Seller is
         not liable pursuant to Section 14.2.2(v) above;

                  (v) with respect to the Premises at Pasadena, Texas, any claim
         demand, or obligation under Environmental Laws (or related equitable
         claims) made by a third party

                                     - 61 -
<PAGE>   68
         (including a Governmental Entity) without any Unreasonable Contact from
         Seller-Associated Party and arising from an Environmental Release or
         Environment Condition not shown on the Phase II Environmental Site
         Assessment described at Sec. 7.15.2, or for other than soil or
         groundwater, any Environmental Release or Environmental Condition shown
         by a preponderance of the evidence to have occurred or originated after
         Closing.

                  14.5.3. any claim of wrongful termination, constructive
         discharge or wrongful discharge asserted by an employee hired by
         Purchaser who is terminated or severed by Purchaser or any of its
         Affiliates after the Closing Date, except to the extent shown to be
         caused by Sellers' actions prior to Closing; or

                  14.5.4. except for matters which are covered by subsection
         14.5.2 above, and except as may be otherwise provided in the Enabling
         Agreements, any claim, demand or condition asserted before or after the
         Closing Date with respect to the PVA Business (or any successor to the
         PVA Business) (including without limitation the Assumed Liabilities) or
         Purchaser's (or any successor's thereto) operation of the PVA Business
         or the Purchased Assets, arising out of events or conditions occurring
         on or after the Closing Date.

                  The obligations of Purchaser hereunder shall bind the
successors and assignees of Purchaser.

                                     - 62 -
<PAGE>   69
         14.6. Purchaser's obligation to defend, hold harmless and indemnify
under Section 14.5 shall apply to a Claim Notice given pursuant to Section 14.8
within the following periods:

<TABLE>
<S>                                    <C>
            Section 14.5.1             December 31, 2002.

            Section 14.5.2             No time limit.

            Section 14.5.3             Two (2) years after the Closing Date.

            Section 14.5.4             Ten (10) years after the Closing Date.
</TABLE>

         14.7. Purchaser's obligation to defend, indemnify and hold harmless
under Sections 14.5.1 and 14.5.4 shall apply only after Seller and the other
persons entitled to indemnity under this Article 14 have suffered Losses in
excess of an aggregate of two million dollars ($2,000,000), and then only to the
extent that the aggregate Losses exceed two million dollars ($2,000,000).
Purchaser's obligation under this Article 14 shall apply only to any individual
Loss that shall exceed twenty-five thousand dollars ($25,000). In any event,
Purchaser's obligation under subsections 14.5.1, 14.5.2 or 14.5.3 shall cease
when the aggregate amount of Losses indemnified hereunder equals fifty percent
(50%) of the Purchase Price (as adjusted pursuant to Article 3). Any claim which
is within the description of subsection 14.5.1 and which is also within the
description of any of subsections 14.5.2, 14.5.23 or 14.5.34 shall be deemed to
be asserted and treated hereunder for all purposes as a claim arising out of
14.5.2 through 14.5.34, as appropriate.

         14.8. Whenever either party becomes aware that any claim is threatened
or asserted against it that would occasion the indemnification described in this
Article 14 ("Covered Claim"), such party shall promptly provide the other party
with a notice (a "Claim Notice") of such

                                     - 63 -
<PAGE>   70
Covered Claim pursuant to the provisions of Article 18 hereof. Failure to give
such notice shall not affect the indemnification obligations hereunder in the
absence of actual prejudice. Each Claim Notice shall describe the Covered Claim,
the party threatening or asserting it, the relief sought, and the basis for
indemnification hereunder with respect thereto. The party receiving such notice
may, at its option, assume the defense of such Covered Claim (the "Assuming
Party"), provided that, within forty (40) days after the Claim Notice is given,
the party receiving such notice shall have given notice to the other party (the
"Notifying Party"), pursuant to the provisions of Article 18 hereof, of its
election to assume such defense. If the defense is so assumed by the Assuming
Party, the Notifying Party shall be entitled to participate in (but not control,
which shall be solely the Assuming Party's right if the Assuming Party assumes
the defense) the defense of the Covered Claim with its own counsel at its own
expense, and the Notifying Party shall provide such cooperation (including but
not limited to providing available information and personnel to the Assuming
Party) as the Assuming Party shall reasonably request to facilitate such
defense. The Assuming Party shall have the right to defend and/or settle any
such Covered Claim on such terms and conditions and in such amounts as it deems
appropriate, and the Notifying Party shall promptly execute all documents
reasonably requested of it with respect to any such defense and/or settlement;
provided, however, any such settlement shall include an unconditional release by
the claimant of all indemnified persons with respect to such Covered Claim. If
the party receiving the notice does not assume the defense of a given Covered
Claim pursuant hereto, the party giving the notice shall defend against such
Covered Claim in such manner, and/or settle such Covered Claim on such terms, as
it shall, in its sole reasonable

                                     - 64 -
<PAGE>   71
judgment, determine to be appropriate under the circumstances and such action
shall be binding on the parties for the purposes of this Article 14.

15.      TERMINATION OF AGREEMENT

         15.1. This Agreement and the transactions contemplated hereby may be
terminated or abandoned at any time prior to the Closing Date as follows:

                  15.1.1. upon the written agreement of Air Products and
         Purchaser;

                  15.1.2. by Purchaser, if there has been a material breach of a
         representation or warranty in this Agreement by Air Products, or a
         material breach by Air Products of any covenant set forth herein or a
         failure of any condition to which the obligations of Purchaser
         hereunder are subject, and such breach or failure has not been waived;

                  15.1.3. by Air Products, if there has been a material breach
         of a representation or warranty in this Agreement by Purchaser, or a
         material breach by Purchaser of any covenant set forth herein or a
         failure of any condition to which the obligations of Air Products
         hereunder are subject, and such breach or failure has not been waived;
         or

                  15.1.4. by either Air Products or Purchaser, if the Closing
         Date shall not have occurred before December 31, 2000, for any reason
         other than the failure of the party seeking to terminate this Agreement
         to perform its obligations hereunder or a breach of a representation or
         warranty by such party herein.

                                     - 65 -
<PAGE>   72
                  15.1.5. If this Agreement shall be terminated pursuant to
         Section 15.1 neither party shall have any further obligation to the
         other, except as set forth in Sections 7.2.1 and 12; provided, however,
         that if Air Products or Purchaser shall have the right to terminate
         this Agreement pursuant to subsection 15.1.2 or 15.1.3 (for other than
         a breach of a representation or warranty), it is expressly understood
         and agreed that the terminating party's right to pursue all legal
         remedies for breach of contract and damages shall survive such
         termination unimpaired.

16.      BULK SALES LAW

         The Purchaser hereby waives compliance by the Sellers with the
provisions of the bulk sales law of any state. Seller shall bear, and hold
Purchaser harmless from, any and all liability arising from such non-compliance.

17.      PUBLIC ANNOUNCEMENTS

         No press release or other public announcement shall be made by or on
behalf of either party hereto concerning this Agreement or the transactions
contemplated hereby without obtaining the prior approval of the other parties
(which approval will not be unreasonably withheld or delayed), except as may be
required by applicable law or the regulations of any securities exchange).

18.      NOTICES

         All notices and all other communications hereunder shall be in writing
and shall be deemed given if delivered personally or sent by registered or
certified mail (return receipt

                                     - 66 -
<PAGE>   73
requested), telecopied (which is confirmed) or sent by courier to a party at the
following address (or at such other address for a party as shall be specified by
like notice):

         18.1. if to Sellers, to Air Products and Chemicals, Inc., 7201 Hamilton
Boulevard, Allentown, PA 18195-1501, Attention of the Corporate Secretary, copy
to Group Vice President Chemicals, telecopy: 610-481-8223;

         18.2. if to Purchaser, to Celanese Ltd., c/o Celanese Americas
Corporation, 86 Morris Avenue, Summit, NJ 07901, Attention of President:

19.      EXTENSIONS AND WAIVERS

         This Agreement may not be varied in any respect except by an instrument
in writing of even or subsequent date hereto duly executed by the parties
hereto. The parties hereto may, by such an instrument, among other things, (a)
extend the time for the performance of any of the obligations or other acts of
the parties hereto, (b) waive any inaccuracies in the representations and
warranties contained in this Agreement or in any documents delivered pursuant to
this Agreement and (c) waive compliance with or modify any of the covenants or
agreements contained in this Agreement and waive or modify performance of any of
the obligations of either of the parties hereto.

20.      ENTIRE AGREEMENT.

         This Agreement contains all the terms agreed upon between the parties
with respect to the subject matter hereof and supersedes all prior agreements,
arrangements and communications, whether oral or written.

                                     - 67 -
<PAGE>   74
21.      GOVERNING LAW.

         This Agreement shall be governed by, and construed in accordance with,
the laws of the Commonwealth of Pennsylvania, without giving effect to the
choice of law principles thereof.

22.      HEADINGS

         The headings of the Articles and Sections of this Agreement are for
convenience of reference only and shall not be deemed to explain, limit or
amplify the provisions hereof.

23.      TRANSFERABILITY

         The respective rights and obligations of each party hereto shall not be
assignable by such party without the written consent of the other parties, which
consent will not be unreasonably withheld, except that any party without such
consent may assign its rights under this Agreement to (a) any wholly owned
subsidiary of such party or (b) any successor in the event of a merger,
consolidation, sale of all or substantially all of its assets, liquidation or
dissolution (provided any such assignee pursuant to the foregoing clause (a) or
(b) executes and delivers to such other parties an agreement satisfactory in
form and substance to such other parties under which such assignee assumes and
agrees to perform and discharge all the obligations and liabilities of the
assigning party), but any such permitted assignment shall not relieve the
assigning party of its obligations hereunder. Purchaser may assign its rights to
receive indemnification payments to any of its lenders as collateral security.
This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted assignees. Nothing herein express or
implied is intended to confer upon any person other than

                                     - 68 -
<PAGE>   75
the parties hereto and their respective permitted assignees, any rights,
remedies, obligations or liabilities under or by reason of this Agreement.

24.      KNOWLEDGE OF SELLERS

         When used in this Agreement, the term "to the knowledge of" Air
Products or Sellers shall mean the actual knowledge of those persons listed on
Schedule 24, or the knowledge such person should have had after reasonable
inquiry by such persons in the ordinary performance of their usual duties.

25.      COUNTERPARTS

         This Agreement may be executed in any number of counterparts with the
same effect as if the signatures to each such counterpart were upon the same
instrument.

26.      SEVERABILITY

         Any term or provision of this Agreement that is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable
in any situation in any jurisdiction shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or
enforceability of the offending term or provision in any other situation or in
any other jurisdiction. If the final judgment of a court of competent
jurisdiction or other authority declares that any term or provision hereof is
invalid, void or unenforceable, the parties agree that the court making such
determination shall have the power to reduce the scope, duration, area or
applicability of the term or provision, to delete specific words or phrases, or
to replace any invalid, void or unenforceable term or provision with a term or
provision that is valid

                                     - 69 -
<PAGE>   76
and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision.

27.      CAC/CNA

         The parties acknowledge and agree that CAC and CNA are hereby deemed to
be parties to the Agreement for the sole purpose of the enforcement of Article
14 after the Closing. More specifically, CAC and CNA are deemed to have the same
obligations and liabilities to Sellers under Article 14 as if each were the
Purchaser, but only for purposes of and with respect to the obligations
undertaken in Article 14, which obligations CAC and CNA each acknowledge and
agree they are undertaking and liable for to Sellers. in connection herewith,
CAC and CNA represent and warrant to Sellers, mutatis mutandis, those matters
set forth in Sections 6.2, 6.3 and 6.4 hereof with applicable changes for the
corporate structure of CAC and CNA. It is further understood that CAC and CNA,
as parties to the Agreement for the foregoing purposes and as Affiliates of
Purchaser, are entitled to seek indemnity from Sellers on their own behalf under
Article 14.

         IN WITNESS WHEREOF, each party hereto has caused this Agreement to be
duly executed in its name and on its behalf as of the date first above written.

                                      AIR PRODUCTS AND CHEMICALS, INC.

                                      By:
                                         --------------------------------------
                                      Name:
                                      Title:

                                      AIR PRODUCTS, L.P.
                                      By:  Air Products, L.L.C.,
                                      its General Partner

                                     - 70 -
<PAGE>   77
                                      By:
                                         --------------------------------------
                                      Name:
                                      Title:

                                      CELANESE LTD.

                                      By: Celanese International Corporation,
                                      its General Partner

                                      By:
                                         --------------------------------------
                                      Name:
                                      Title:

                                      CELANESE AMERICAS CORPORATION.

                                      By:
                                         --------------------------------------
                                      Name:
                                      Title:

                                      CNA HOLDINGS, INC.

                                      By:
                                         --------------------------------------
                                      Name:
                                      Title:

                                     - 71 -

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