Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
It has around 11,000 employees and over 75 operations in 24 countries. The company had sales of over $9bn in 2010.
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For more on this story please see US Huntsman settles for $1.73bn with Hexion lenders or got to ICIS news.
On 15 December 2008, Huntsman settled for $1bn (€750m) to end its merger deal with Hexion, but the legal action against Credit Suisse and Deutsche Bank remains active.
In addition, Hexion and its parent private equity firm Apollo Global Management will have to pay Huntsman at least half of the damages on or before the end of 2008, with the balance expected to be settled in end-March 2009 at the latest.
On 28 October 2008, Huntsman said in a statement that Credit Suisse and Deutsche Bank have refused to fund the merger between Hexion and Huntsman, barring the scheduled conclusion of the deal.
Also in October 2008, Huntsman stockholders agreed to make an additional $217m (€174m) commitment to the company upon completion of its Hexion Specialty Chemicals merger.
Also, affiliates of Hexion’s parent company, Apollo Management agreed to make an additional cash equity investment of $210m in Hexion.
The additional $210m Hexion investment is conditional on the closing of the merger and the additional $217m investment by certain Huntsman stockholders.
On 2 October 2008, Hexion Specialty Chemicals said that US regulators had cleared its $10.6bn (€7.5bn) merger with Huntsman.
In July 2008, the European Commission (EC) approved the proposed acquisition of Huntsman by Hexion on the condition that the latter divests its epoxy resins production and R&D facilities in Germany and the US.
In June 2008, Huntsman rejected claims by Hexion Specialty Chemicals and Apollo in a US lawsuit to negate their proposed merger.
Hexion said that it had sued Huntsman, alleging that their $10.6bn (€6.8bn) merger would produce an insolvent business.
In April 2008, Hexion Specialty Chemicals and Huntsman extended the closing date of its $10.6bn (Euro7.2bn) merger to close around 4 July 2008.
In October 2007, shareholders of Huntsman voted to approve its merger agreement with Hexion Specialty Chemicals.
The deal was first announced in July 2007.
More company movements
Please see Huntsman to receive US anti-monopoly approval on Tronox bid on ICIS news.
In June 2009, Huntsman acquired the Baroda division of Metrochem Industries for an undisclosed amount. For more on this story please see US Huntsman acquires Indian specialty chems company or go to ICIS news.
In December 2008, Huntsman said it plans to consolidate the European and Americas operations of its textile effects business, while it expands it in Asia. When Huntsman finishes the restructuring, the textile effects business will include a specialty textiles unit and an apparel and home textiles unit.
Huntsman's core businesses include:
Huntsman Advanced Materials is a supplier of synthetic and formulated polymer systems to over 9,000 customers in over 90 countries. The primary markets it serves include coatings, construction, electronics, adhesives, power transmission and distribution, general industry, aerospace, wind energy, automotive and sport and leisure.
The performance products division of Huntsman comprises the surface sciences (surfactants, linear alkyl benzene, oxides and glycols), performance chemicals (amines, carbonates and gas treating chemicals) and maleic anhydride (MA) businesses.
Huntsman Pigments division is a global producer of titanium dioxide pigments. With around 2,600 employees and factories in eight countries, it has a combined capacity of around 550,000 tonnes/year.
Titanium dioxide pigments provide whiteness and opacity to a vast range of everyday products from coatings and plastics to inks and cosmetics and food.
The Polyurethanes division of Huntsman claims to be one of the world’s leading producers of MDI. The company also produces flexible and rigid polyethers, polyesters, polyether amines, polyurea amines, propylene oxide, polyols and fully formulated polyurethane systems and polyurea systems.
The acquired Textile Effects business from Ciba Chemicals joins Huntsman's business portfolio of creating, marketing and manufacturing a broad range of chemical and dye products that enhance the performance properties and colours of finished textiles and materials.
It has a global reach serving over 10,000 customers located in 80 countries and is a supplier of comprehensive solutions for the textile industry, including colours with high fastness, easy care, durable protection against oil, water and fire as well as a complete range of pre-treatment and dyeing auxiliaries.
The business has approximately 4,200 employees and operates eleven primary manufacturing facilities located in eight countries (Switzerland, Germany, France, US, Mexico, China, Thailand and Indonesia).
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Investment in technology will be an important part of Huntsman’s strategy as it believes that not only does it provide a means of growth in future applications but it is also producing better chemistry that will replace older formulations. Huntsman will continue to increase its capacity of products that use non crude oil based raw materials, while also decreasing its energy consumption and CO2 emissions. (Edited from: “Dear stockholders”, annual report). ICIS also provides you with key financial data listed in table form.
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