THE
WOODLANDS, Texas, Feb. 15,
2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN)
announced today that it has secured all regulatory approvals
required to complete the sale of its Textile Effects division to
Archroma, a portfolio company of SK Capital Partners. Both parties
expect the transaction to close on February
28, 2023. The agreed purchase price was $593 million in cash plus assumed pension
liabilities, and Huntsman expects the net after tax cash proceeds
to be approximately $540 million
before customary post-closing adjustments.
Peter Huntsman, Chairman,
President, and CEO commented:
"Our teams have been working diligently since we signed the
purchase agreement last August to get this deal to closing and,
when we secured approval from the Indian competition law authority
last week, we quickly put the final steps in place to complete the
transaction on the 28th February. I want to thank the
more than 2,000 Huntsman associates for their incredible
professionalism and effort to get us to this day. These
associates and the Textile Effects business they have so well
served, will combine with Archroma to create the World's leading
textile chemicals and dyes company. I would also like to recognize
Barry Siadat and his SK management
team for their commitment to complete this transaction."
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, the
anticipated timing to close the sale of the Textile Effects
business, 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