THE WOODLANDS, Texas,
Dec. 30, 2016 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) announced today that it has
completed the sale of its European surfactants business to Innospec
Inc. (NASDAQ: IOSP) for an enterprise value of $225 million. This business represented
approximately $24 million of EBITDA
in 2015. Huntsman intends to make a $260
million early repayment of debt using proceeds from the sale
and existing cash. This debt repayment is in addition to the recent
debt reductions of $100 million in
September 2016 and $100 million in July
2016.
Huntsman remains committed to its global surfactants business,
including in the United States and
Australia, where its
differentiated surfactants businesses are backward integrated into
essential feedstocks. Huntsman retained certain core products
strategic to its global agrochemicals, lubes and other businesses
and entered into supply and long-term tolling arrangements with
Innospec to allow Huntsman to continue marketing some of these
products.
The sale of the European surfactants business represents another
step in Huntsman's strategic transformation of its Performance
Products business, which recently expanded its downstream
positioning with a polyetheramines expansion in Singapore and is currently undertaking a
substantial cost savings and business improvement initiative.
Peter R. Huntsman, President and
CEO, commented:
"By completing the sale of this business, we are executing
our plan to focus on businesses within our portfolio with a greater
long term strategic fit, while continuing to grow our downstream
differentiated businesses. With the early repayment of another
$260 million of debt using proceeds
from the sale and existing cash, we have now repaid approximately
$550 million of debt in 2016 and
significantly strengthened our balance sheet."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2015 revenues of more than $10
billion. Our chemical products number in the thousands and
are sold worldwide to manufacturers serving a broad and diverse
range of consumer and industrial end markets. We operate more than
100 manufacturing and R&D facilities in approximately 30
countries and employ approximately 15,000 associates within our 5
distinct business divisions. For more information about Huntsman,
please visit the company's website at
www.huntsman.com.
Social Media:
Twitter:
twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn:
www.linkedin.com/company/huntsman
Forward-Looking Statements:
Statements in this
release that are not historical are forward-looking statements.
These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are
subject to uncertainty and changes in circumstances and involve
risks and uncertainties that may affect the company's operations,
markets, products, services, prices and other factors as discussed
in the Huntsman companies' filings with the U.S. Securities and
Exchange Commission. Significant risks and uncertainties may relate
to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological
factors. The company assumes no obligation to provide
revisions to any forward-looking statements should circumstances
change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation