THE
WOODLANDS, Texas, Sept. 16,
2022 /PRNewswire/ -- During Huntsman's (NYSE: HUN)
second quarter earnings conference call, the Company provided third
quarter adjusted EBITDA guidance of between approximately
$310 million and $355 million, excluding Textile Effects. The
Company now expects third quarter adjusted EBITDA from continuing
operations to be between $260 million
and $280 million. As previously
announced, Huntsman will begin reporting Textile Effects as
discontinued operations following the announced agreement to sell
the division to Archroma, a portfolio company of SK Capital
Partners.
Peter Huntsman, Chairman,
President, and CEO commented:
"Huntsman is feeling the same pressures as others in the
industry as we are being impacted by persistent and extraordinary
cost of energy in Europe, together
with lower than expected demand across segments in our portfolio,
primarily within Polyurethanes and Performance Products. The
economy in China continues to lag
our expectations due to continued Covid-related lockdowns. While
the United States remains our most
resilient market, demand in residential housing has slowed.
"We remain on track to exceed our previously announced cost
optimization and synergy program and expect to deliver an
annualized run rate of approximately $170
million by year-end. Given the current operating
environment, we are evaluating further cost reduction and
optimization opportunities and we are actively moving product into
Europe from our facilities in
the United States and Asia."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated and
specialty chemicals with 2021 revenues of approximately
$8 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