THE WOODLANDS, Texas,
Feb. 16, 2017 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) received today a Private
Letter Ruling from the IRS allowing it to retain a 40% economic
interest in the tax-free spin-off of Venator Materials
Corporation. Huntsman will also hold an accompanying 19.9%
voting interest in Venator.
Peter R. Huntsman, our President
and CEO, commented:
"The receipt of this ruling is an important milestone in the
Venator spin-off process. The retention of the 40% economic
interest will enable us to capture the benefits of the expected
improvement in the titanium dioxide business. Our desire to
retain this amount of economic interest in Venator reflects our
vote of confidence in what we believe will be a successful
spin-off. The future monetization of our ownership in Venator
will create further value for Huntsman as we use the proceeds to
reduce our debt."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2016 revenues of approximately $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 Huntsman businesses 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.
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SOURCE Huntsman Corporation