Last week, readers were most interested in Huntsman’s recent completed divestment (Huntsman Completes Sale of Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2 Billion): “Huntsman Corp. has completed the previously announced sale of its chemical intermediates businesses, which includes PO/MTBE, and its surfactants businesses to Indorama Ventures for approximately $2 billion. The transaction comprises a cash purchase price of approximately $1.93 billion, which includes estimated adjustments to the purchase price for working capital, plus the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. The final purchase price is subject to customary post-closing adjustments. The net cash proceeds are expected to be just under $1.6 billion.
“‘This transformational transaction significantly reduces our capital-intensive upstream asset base, further bolsters our already strong balance sheet and allows us to further invest in and grow our downstream businesses,’ said Peter Huntsman, chairman, president, and CEO. ‘We are committed to retaining our investment grade balance sheet and our continued balanced approach to capital allocation. This transaction greatly expands our flexibility and opportunity for select strategic and accretive acquisitions, as well as for expansions in our core downstream global footprint, and for continued opportunistic repurchases of our shares. We remain disciplined and focused on the creation of long-term shareholder value...’”
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Top 5 News that Sticks for January 12-18
- Huntsman Completes Sale of Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2 Billion
- Seal For Life Completes Four Acquisitions, Names Oravitz CEO
Lone Star Funds to Acquire BASF’s Construction Chemicals Business
third week in Top 5!
- BASF’s Mangano to Discuss Rheology Modifiers at Cleveland Coatings Society Tech Dinner
- Sika Achieves Record Sales in 2019
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.