Huntsman to Buy Remaining 50% Interest in Sasol-Huntsman Joint Venture
July 26 2019 - 4:51PM
Dow Jones News
By Aisha Al-Muslim
Huntsman Corp. (HUN) has made a deal to acquire the 50% interest
from Sasol Ltd. that Huntsman does not already own in the
Sasol-Huntsman maleic anhydride joint venture in Germany.
Huntsman will pay Sasol $92.5 million, adjusted for debt and
other agreed-upon terms, funded from available liquidity, Huntsman
said Friday. No other terms of the transaction were disclosed. The
transaction is expected to close in the fourth quarter.
The joint venture owns a manufacturing facility in Moers,
Germany, with capacity to produce 230 million pounds of maleic
anhydride.
The deal would give Huntsman the flexibility to fully integrate
its European business into its worldwide footprint, the company
said.
"This fits well into our core strategy to expand our portfolio
of businesses with higher, more stable margins and strong free cash
flow," Chief Executive Peter Huntsman said in prepared remarks.
Huntsman, a global manufacturer and marketer of differentiated
and specialty chemicals, operates more than 75 manufacturing,
research and development, and operations facilities in about 30
countries and employs about 10,000 people.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
July 26, 2019 16:36 ET (20:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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