Huntsman, ICI Agree to Terms for Buyout of Huntsman International Stake

February 27, 2002
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EVERBERG, Belgium -- Huntsman Specialty Chemicals Corp. (HSCC), a wholly owned subsidiary of Huntsman Corp., announced that it has agreed to terms with Imperial Chemical Industries (ICI) to purchase ICI's 30-percent equity stake in Huntsman International Holdings.

Under terms of the agreement, the basic purchase price remains approximately $365 million (L250 million), as originally announced in November 2000, together with an amount equivalent to interest from December 2001 until completion. The purchase price is payable in the third quarter of 2003.

Peter R. Huntsman, president and CEO of Huntsman Corp., stated, "We appreciate our association with ICI and are pleased that, in an extremely difficult economic climate for the chemical industry, we have reached a mutually acceptable agreement on the purchase of their equity interest in Huntsman International Holdings."

Huntsman and ICI formed Huntsman International Holdings in 1999 to purchase ICI's polyurethanes, titanium dioxide and petrochemicals businesses. For more information, visit www.huntsman.com, or www.ici.com.

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