Huntsman Group announced that it has completed the sale of chemical intermediate business and surfactant business including PO / MTBE to Indorama Ventures. The transaction is valued at US $ 2 billion, including a cash purchase price of US $ 1.93 billion, including estimated adjustments to the working capital purchase price, as well as up to approximately US $ 76 million in net unfunded pension funds and other post-employment benefit obligations . Determining the final purchase price also requires price adjustment after customary delivery. The net cash income from the sale is expected to be slightly less than US $ 1.6 billion.
Chairman, President and CEO Peter Huntsman said: "With this major transaction, we will substantially reduce capital-intensive upstream assets, further increase already strong enough cash flow, and be able to further invest and develop downstream businesses. Committed to maintaining an investment-grade balance sheet and balancing capital allocation. This transaction will greatly enhance the flexibility of our operations, give us more opportunities to carry out strategic and value-added acquisitions, and expand more globally at the core Downstream business, and continue to choose opportunities to repurchase shares. We are dedicated and dedicated to creating long-term value for shareholders. "
“Whether it`s Huntsman or Indorama, it`s a significant deal. Indorama has similar values to Huntsman. I`m happy to see so many of our outstanding employees transfer to such a company. Aloke Lohia The leading Indorama is a family business that can deeply understand the value of high-quality talent. I hope to continue to maintain close cooperative relations with Indorama in the future.