THE WOODLANDS, Texas,
Sept. 30, 2019 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) announced today that it
has completed the previously announced acquisition of the remaining
50% interest in the Sasol-Huntsman maleic anhydride joint venture
from Sasol. Huntsman now owns 100% of the entity with
manufacturing assets located in Moers, Germany, and the capacity to produce 230
million pounds annually of maleic anhydride. Huntsman paid
Sasol approximately $100 million,
which includes acquired cash net of any debt and is subject to
customary post-closing adjustments.
Peter Huntsman, Chairman,
President and CEO, commented:
"Closing on the acquisition of the remaining interest in our
maleic German joint venture provides us with the flexibility to
fully integrate our European business into our worldwide footprint,
thereby better servicing our global customer base in key markets
such as construction and coatings. This fits well into our
core strategy to expand our portfolio of businesses with higher,
more stable margins and strong free cash flow."
Monte Edlund, President of
Huntsman's Performance Products division, added:
"We are very pleased and excited to assume full control of
this excellent business and asset. By fully integrating the
Moers, Germany, plant with our
existing maleic anhydride business, we will be able to improve our
service and offering into key markets such as resins in
construction, watercraft, transportation vehicles, and sporting
goods, as well as into applications such as food acidulants,
oilfield chemicals, and engine oil additives."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated and
specialty chemicals with 2018 revenues more than $9 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 75 manufacturing, R&D and operations
facilities in approximately 30 countries and employ approximately
10,000 associates within our four distinct business divisions. For
more information about Huntsman, please visit the company's website
at www.huntsman.com.
Social Media:
Twitter:
www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Certain information in
this release constitutes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. 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 under the
caption "Risk Factors" 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 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