Celanese Corporation CE and Mitsubishi Gas Chemical Company (“MGC”) recently signed a memorandum of understanding (MOU) to restructure Korea Engineering Plastics Co. (“KEP”). It is a joint venture owned 50% by Celanese, 40% by MGC and 10% by Mitsubishi Corporation. KEP was formed in 1987 to manufacture and market polyoxymethylene (“POM”) in Asia.According to the MOU, KEP will be directed toward manufacturing, developing, producing, and supplying high-quality products to its shareholders. The shareholders will then market them globally, without restrictions. The restructured venture is expected to support global growth of the joint venture’s products.Celanese and Mitsubishi Gas are focused toward increasing KEP’s production capacity to enhance the long-term security of supply to its consumers and further support growth. The rise in volumes is expected to reflect in a series of steps in the years to come.The joint venture restructuring is expected to be completed before the end of 2021, subject to customary closing conditions and any necessary regulatory approvals.Shares of Celanese have gained 5.9% in the past year compared with 9.2% rise of the industry.Celanese’s global demand during the third quarter progressed toward recovery across most of its end markets. It expects the momentum witnessed in the third quarter to continue in the fourth quarter, which is expected to partly offset various headwinds including a major turnaround at its Frankfurt POM facility and normal seasonality in December. For 2020, the company expects adjusted earnings of around $7-$7.10 per share. It is focused on controllable actions to drive strong growth next year amid uncertainties, including production planning, productivity and disciplined capital deployment.Celanese Corporation Price and Consensus Celanese Corporation price-consensus-chart | Celanese Corporation QuoteZacks Rank & Key PicksCelanese currently carries a Zacks Rank #3 (Hold).Some better ranked stocks worth considering in the basic materials space are Bunge Limited BG, Silvercorp Metals Inc. SVM, and BHP Group BHP.Bunge has a projected earnings growth rate of 43% for the current year. The company’s shares have gained around 18% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Silvercorp has an expected earnings growth rate of 40% for the current year. The company’s shares are up around 6.8% in the past year. It currently carries a Zacks Rank #2 (Buy).BHP has an expected earnings growth rate of around 32.4% for the current year. The company’s shares have gained around 16.9% in the past year. It currently carries a Zacks Rank #2.The Hottest Tech Mega-Trend of All Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BHP Group Limited (BHP): Free Stock Analysis Report Bunge Limited (BG): Free Stock Analysis Report Celanese Corporation (CE): Free Stock Analysis Report Silvercorp Metals Inc. (SVM): Free Stock Analysis Report To read this article on Zacks.com click here.