Nov 4 (Reuters) - Specialty chemicals company Celanese

cut its quarterly dividend by about 95% and laid out

additional cost reduction programs, as it struggles with weak

demand, sending its shares down 14% in extended trading on

Monday.

The company said the dividend reduction was a prudent and

cost-effective path forward to support deleveraging, and its

plans to cut additional costs would help it save more than $75

million by the end of 2025.

The company also said it was "reducing manufacturing costs

through the end of 2024 by temporarily idling production

facilities in every region and driving cash generation through

an expected $200 million inventory release in the fourth

quarter."

Celanese makes chemical products that are used in coatings,

paints and pharmaceutical products and polymers.

The chemicals industry, which had previously been dealing

with high inventory that led to destocking, is now facing weaker

demand in key markets such as China and Europe.

Third-quarter net earnings for the company fell about 87% to

$120 million, as its engineered materials segment was impacted

by rapid slowdowns in commercial activity in both automotive and

industrial segments.

(Reporting by Seher Dareen and Tanay Dhumal in Bengaluru;

Editing by Anil D'Silva)