THE WOODLANDS, Texas,
Jan. 15, 2021 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) today announced it
completed the acquisition of Gabriel Performance Products
(Gabriel), a North American specialty chemical manufacturer of
specialty additives and epoxy curing agents for the coatings,
adhesives, sealants and composite end-markets, from Audax Private
Equity.
Huntsman paid $250 million,
subject to customary closing adjustments, in an all-cash
transaction funded from available liquidity. Gabriel had 2019
revenues of approximately $106
million with three manufacturing facilities located in
Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina. Based on
calendar year 2019, the purchase price represents an adjusted
EBITDA multiple of approximately 11 times, or approximately 8 times
pro forma for synergies.
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, ability to achieve projected
synergies, 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