Sector News

Huntsman completes sale of its chemical intermediates and surfactants businesses to Indorama Ventures

January 6, 2020
Chemical Value Chain

Huntsman Corporation announced today it has completed the sale of its chemical intermediates businesses, which includes PO/MTBE, and its surfactants businesses to Indorama Ventures in a transaction valued at approximately $2 billion.

The price 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.

Peter Huntsman, Chairman, President and CEO commented: “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. 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.

“This is a great transaction for both Huntsman and Indorama. I am pleased to see that so many of our outstanding associates are transitioning to a company that has values like Huntsman. Led by Aloke Lohia, Indorama is a family-run business that understands the value of quality people. I look forward to an ongoing relationship with Indorama for years to come.”

Source: Huntsman

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

January 17, 2021

Neste and Avfuel join forces for U.S. sustainable fuel supply 

Chemical Value Chain

Neste will provide Avfuel with SAF in volumes able to meet the growing demands of Avfuel’s customers, including fixed base operators (FBOs), airports, flight departments, original equipment manufacturers (OEMs) and commercial operators.

January 17, 2021

Borealis and Tomra start up advanced recycling plant in Germany 

Chemical Value Chain

Operation of the plant is a joint enterprise between Borealis, TOMRA and Zimmermann. Borealis is responsible for the plant’s commercial success and contributes its expertise and knowledge in innovation, recycling and compounding.

January 17, 2021

Johnson Matthey appoints Stephen Oxley as Chief Financial Officer

Chemical Value Chain

Johnson Matthey announces that Stephen Oxley will join the company’s board on 1st April 2021 as Chief Financial Officer (CFO).

Send this to a friend