Last week, Huntsman’s plan to sell certain businesses drew the most reader interest (Huntsman to Sell Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2.1 Billion): “Huntsman Corp. recently announced that it has entered into a definitive agreement to sell its chemical intermediates businesses, which includes PO/MTBE, and its surfactants businesses to Indorama Ventures in a transaction valued at $2.076 billion, comprising a cash purchase price of $2 billion and the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. Under the terms of the agreement, Indorama Ventures would acquire Huntsman’s manufacturing facilities located in Port Neches, Texas; Dayton, Texas; Chocolate Bayou, Texas; Ankleshwar, India; and Botany, Australia. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close near the end of the year.
“‘This transaction further transforms Huntsman’s balance sheet and future,’ said Peter Huntsman, chairman, president and CEO. ‘It accelerates our ability to expand more in areas both downstream and complementary to our portfolio. This is another milestone in our stated strategy to focus more on our downstream and specialty businesses where we will generate more stable margins and consistent, strong free cash flow. We are committed to retaining our strong investment grade balance sheet, repurchasing our shares, investing in organic research and select capacity expansions and acquiring strategic assets that are accretive to our earnings and create shareholder value.’”
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Top 5 News that Sticks for August 18-24
- Huntsman to Sell Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2.1 Billion
- Sika Automotive to Participate in Global Automotive Lightweight Materials Detroit Conference
- Pilot Chemical Expands Distribution Sales Team
- Dow Announces Plans to Explore Big Issues at K 2019 Event
- Chromaflo Technologies Announces Organizational Changes
This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.