THE WOODLANDS, Texas,
Oct. 1, 2014 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) announced today that it
has completed the acquisition of the Performance Additives and
Titanium Dioxide (TiO2) businesses of Rockwood Holdings,
Inc.
Peter R. Huntsman, President and
CEO of Huntsman Corporation, commented:
"The successful completion of this acquisition better
positions our company. It will be immediately accretive to
our earnings before synergies of $130
million and provides further optionality for our pigments
business.
The addition of specialty titanium dioxide and performance
additives will broaden our product offering and further enable our
ability to build the most competitive and successful pigments and
additives business in the world. The majority of earnings
over the past 12 months have come from their specialty and niche
TiO2 businesses, demonstrating the diversity and breadth of the
business we are acquiring.
Our existing business continues to perform very well.
We see excellent growth for products such as our MDI polyurethanes,
amines and aerospace composites and we have a number of projects
underway that will fuel this growth. With the addition of the
Rockwood businesses, we are well
on our way to achieving our EBITDA goal of $2 billion within the next couple of
years."
The following businesses were acquired from Rockwood:
Performance
Additives
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Functional additives
made from barium and zinc based inorganics used to make colors more
brilliant primarily in plastics, coatings, films, food, cosmetics,
pharmaceuticals and paper.
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Color pigments made
from synthetic iron-oxide and other non-TiO2 inorganic
pigments used by manufacturers of coatings and
colorants.
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Timber treatment wood
protection chemicals used primarily in residential and commercial
applications.
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Water treatment
products used to improve water purity in industrial, commercial and
municipal applications.
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Specialty automotive
molded components.
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TiO2
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Titanium dioxide, a
white pigment derived from titanium bearing ores with strong
specialty business in fibers, inks, pharmaceuticals,
food and cosmetics.
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Huntsman paid approximately $1
billion in cash and assumed certain unfunded European
pension liabilities.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated chemicals with 2013 revenues of
approximately $13 billion including
the acquisition of Rockwood's
performance additives and TiO2 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 15,000 associates within our 5 distinct
business divisions. For more information about Huntsman,
please visit the company's website at
www.huntsman.com.
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.
SOURCE Huntsman Corporation