THE WOODLANDS, Texas,
Oct. 27, 2015 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) announced today that it has
entered into an accelerated share repurchase agreement with
Citibank, N.A. to repurchase $100
million of its common stock.
Citibank, N.A. will make an initial delivery of approximately
7.1 million shares of Huntsman Corporation common stock based on
the closing price of $11.94 on
October 27, 2015. The final
number of shares to be repurchased and the aggregate cost per share
will be based on Huntsman's daily volume-weighted average stock
price during the term of the transaction, less a discount.
Subject to customary adjustments, the accelerated share repurchase
transaction is scheduled to be completed early in the first quarter
of 2016.
In September 2015, the Huntsman
Board of Directors authorized the repurchase of $150 million of stock. The Company intends to
utilize the remaining $50 million
available under this authorization to purchase shares in the open
market from time-to-time.
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2014 revenues of approximately $13
billion including the acquisition of Rockwood's performance additives and titanium
dioxide businesses. 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 more than 30 countries
and employ approximately 16,000 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