THE WOODLANDS, Texas,
Jan. 17, 2017 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) today announced that it
has decided to retain the Textile Effects business and exclude it
from its planned Pigments and Additives spin-off. Strong pricing
recovery for titanium dioxide and the identification of business
improvement opportunities representing more than $75 million in annual EBITDA are expected to
significantly enhance the financial strength of Venator's
business. The $75 million in
business improvements are incremental to current earnings and are
expected to be completed by the end of 2018.
Huntsman also announced that the name of its planned spin-off
will be Venator Materials Corporation. Venator is the Latin word
for hunter and is intended, in part, to acknowledge the Huntsman
legacy. Venator shares are expected to trade on the New York Stock
Exchange under the ticker VNTR after the distribution to Huntsman's
shareholders, which remains targeted for the second quarter of
2017.
Peter R. Huntsman, Huntsman
Corporation President and CEO, commented:
"We are making significant progress toward the spin-off and
are pleased with the Pigments and Additives business
recovery. We expect Venator will be a premier pigments
company unencumbered by excessive debt or other unrelated
liabilities. Improved titanium dioxide pricing combined with
the identification of business improvement opportunities that are
incremental to current earnings are expected to more than offset
the free cash flow that Venator would have received from the
Textile Effects business.
"In addition to the progress we are making on the spin of our
Pigments and Additives business, we continue to improve our free
cash flow generation and grow our downstream differentiated
businesses. During 2016, we also repaid approximately
$550 million of debt and
significantly strengthened our balance sheet."
Form 10
Venator Materials Corporation's Registration Statement on Form
10 is available on Venator's website at www.venatorcorp.com and the
SEC's website at www.sec.gov. The completion of the spin-off
is subject to the satisfaction or waiver of a number of conditions,
including the Registration Statement on Form 10 for Venator
Materials Corporation's common stock being declared effective by
the SEC and certain other conditions described in the information
statement included in the Form 10.
To request a copy of the Venator logo email:
karen_fenwick@huntsman.com
Conference Call Information
We will hold a conference call to discuss this announcement on
Tuesday, January 17, 2017 at
9:00 a.m. ET.
Call-in numbers for
the conference call:
|
U.S.
participants
|
(888) 679 –
8018
|
International
participants
|
(617) 213 –
4845
|
Passcode
|
894 191
97#
|
In order to facilitate the registration process, you may use the
following link to pre-register for the conference call. Callers who
pre-register will be given a unique PIN to gain immediate access to
the call and bypass the live operator. You may pre-register at any
time, including up to and after the call start time. To
pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=PF9WPRKNE
Webcast Information
The conference call will be available via webcast and can be
accessed from the company's website at ir.huntsman.com.
Replay Information
The conference call will be available for replay beginning
January 17, 2017 and ending
January 24, 2017.
Call-in numbers for
the replay:
|
U.S.
participants
|
(888) 286 –
8010
|
International
participants
|
(617) 801 –
6888
|
Replay
code
|
78211220
|
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 including the Pigments and
Additives division that we intend to spin-off as Venator Materials
Corporation. 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, volatile global economic
conditions, cyclical and volatile product markets,
disruptions in production at manufacturing facilities,
reorganization or restructuring of Huntsman's operations,
including any delay of, or other negative developments
affecting, the spin-off of Venator Materials Corporation, the
ability to implement cost reductions and manufacturing
optimization improvements in the Pigments and Additives business
and realize anticipated cost savings, and other 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/huntsman-retains-textile-effects-business-names-spin-venator-materials-corporation-amends-form-10-300391692.html
SOURCE Huntsman Corporation