THE WOODLANDS, Texas,
Aug. 28, 2020 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) announced today that it has
entered into a definitive agreement with funds advised by SK
Capital Partners, LP to sell approximately 42.5 million of the
shares it holds in Venator Materials PLC for a cash purchase price
of approximately $100 million,
including a 30-month option for the sale of the remaining
approximate 9.5 million shares it holds at $2.15 per share. The transaction is subject
to regulatory approvals and is expected to close near year-end.
Together with estimated cash tax savings of approximately
$150 million anticipated by
offsetting the capital loss on the sale of Venator shares against
the capital gain realized on the sale of our chemical intermediates
and surfactants businesses that closed this year in January, we
expect to secure an aggregate total benefit of approximately
$250 million in cash near year
end.
Peter Huntsman, Chairman,
President and CEO, further commented, "I am pleased to have
reached an agreement to sell our remaining interest in Venator to
SK Capital. We enjoy an ongoing relationship with SK Capital
and their co-founder Barry
Siadat. They are a great owner and operator of
businesses and we are pleased for them to acquire Huntsman's stake
in Venator, a world class functional and specialty TiO2
business. The proceeds to be received will further bolster
our balance sheet and only enhance our flexibility for further
growth."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated and
specialty chemicals with 2019 revenues of approximately
$7 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 70 manufacturing, R&D and
operations facilities in approximately 30 countries and employ
approximately 9,000 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, timing of proposed transactions, 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