28 September 2006 11:24 [Source: ICIS news]
LONDON (ICIS news)--Huntsman said on Thursday that Sabic was acquiring its European base chemicals and polymers business for $700m (€550m) in cash.
The deal will not include Huntsman’s Teesside-based Pigments division or the Wilton-based aniline and nitrobenzene operations of its polyurethanes division, the company said in a statement.
“This is a major step in divesting our commodity businesses as we execute our previously announced strategy of realigning our portfolio to differentiated businesses and paying down debt,” said Peter Huntsman, president and CEO.
Subject to customary regulatory approvals and other closing conditions, including merger control and UK pension regulator clearance, the transaction was expected to close by the end of 2006.
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