European Commission Approves Huntsman's Acquisition Of Rockwood's Performance Additives And Titanium Dioxide Businesses

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Sep 10, 2014, 06:35 ET

THE WOODLANDS, Texas, Sept. 10, 2014 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) announced today that the European Commission has approved its previously announced acquisition of the Performance Additives and Titanium Dioxide (TiO₂) businesses of Rockwood Holdings, Inc. The Commission approval is subject to the divestiture of Huntsman's business associated with a product known as TR52 mainly sold into inks applications. This divestiture represents approximately 30 kilotons of TiO₂ with annual EBITDA of approximately $5 million to $10 million and excludes any associated manufacturing assets.

Huntsman has entered into a definitive agreement to sell its TR52 business to Henan Billions Chemicals Co., Ltd. Financial details of this agreement were not disclosed.

The transaction with Rockwood is expected to close in the coming weeks, pending the European Commission's approval of the sale of the TR52 business to Henan.

About Huntsman:

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 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 80 manufacturing and R&D facilities in 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.

Forward-Looking Statements:

Statements in this release that are not historical are forward-looking statements. 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 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, 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.

SOURCE Huntsman Corporation