Huntsman Corp. announced that it has secured all regulatory approvals required to complete the sale of its textile effects division to Archroma, a portfolio company of SK Capital Partners. Both parties expect the transaction to close on February 28, 2023. The agreed purchase price was $593 million in cash plus assumed pension liabilities, and Huntsman expects the net after tax cash proceeds to be approximately $540 million before customary post-closing adjustments.

"Our teams have been working diligently since we signed the purchase agreement last August to get this deal to closing and, when we secured approval from the Indian competition law authority last week, we quickly put the final steps in place to complete the transaction on the 28th February,” said Peter Huntsman, chairman, president, and CEO. “I want to thank the more than 2,000 Huntsman associates for their incredible professionalism and effort to get us to this day. These associates and the textile effects business they have so well served, will combine with Archroma to create the world's leading textile chemicals and dyes company. I would also like to recognize Barry Siadat and his SK management team for their commitment to complete this transaction."

“We are very excited to see this acquisition nearing completion,” said Heike van de Kerkhof, Archroma Group CEO. “I am deeply grateful to the project teams of Archroma and Huntsman who are preparing for a smooth transition for our employees and partners. After closing, we will be able to bring together our expert teams and highly complementary product portfolios to offer our customers and brand partners the high performance they expect, whilst respecting natural resources and the planet.”

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