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Huntsman and Flint Hills Resources Close on Sale of UNITED STATE Polymers Business
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Peter R. Huntsman, President and Chief Executive Officer of Huntsman Company (NYSE: HUN), today introduced that Huntsman and also Flint Hills Resources, LP, an independent, completely possessed subsidiary of Koch Industries, Inc., have actually closed on the sale of Huntsman's U.S. Polymers organisation. The parties will shut on the sale of Huntsman's continuing to be U.S. chelating agent upon the reactivate of Huntsman's Port Arthur, Texas, olefins producing center, commissioning of which is anticipated to occur later on this year.
Huntsman received around $350 million at the closing, including the approximated worth of associated stock for its UNITED STATE Polymers service, which remains based on a post-closing modification. Huntsman will maintain other aspects of working resources, consisting of receivables, accounts payable as well as particular built up liabilities, which will certainly be liquidated for money.
Consisted of in the closing announced today are Huntsman's manufacturing assets located at 4 U.S. sites: Odessa as well as Longview, Texas; Peru, Illinois; and Marysville, Michigan. Huntsman's amorphous polyalphaolefin (or APAO) items, which Flint Hills will certainly manufacture for Huntsman at the Odessa website under a lasting supply arrangement, are not consisted of in the sale.
" We are pleased to have actually closed on the sale of our U.S. Polymers service and eagerly anticipate completing this calculated divestiture by closing on the sale of our U.S. Base Chemicals business later this year," said Peter Huntsman. "The associates that have actually transferred to FHR today are amongst the finest in our sector, and we are pleased they have actually joined another top quality driver of chemical possessions."
" Today's acquisition is an essential step for Flint Hills Resources as we seek chances to leverage our abilities," said Brad Razook, head of state and ceo of Kansas-based Flint Hills Resources, LP. "With the addition of these polymer production assets and also the skilled, seasoned workforce, our company believe we are placed to create exceptional value for our clients and continue growing."
Huntsman received around $350 million at the closing, including the approximated worth of associated stock for its UNITED STATE Polymers service, which remains based on a post-closing modification. Huntsman will maintain other aspects of working resources, consisting of receivables, accounts payable as well as particular built up liabilities, which will certainly be liquidated for money.
Consisted of in the closing announced today are Huntsman's manufacturing assets located at 4 U.S. sites: Odessa as well as Longview, Texas; Peru, Illinois; and Marysville, Michigan. Huntsman's amorphous polyalphaolefin (or APAO) items, which Flint Hills will certainly manufacture for Huntsman at the Odessa website under a lasting supply arrangement, are not consisted of in the sale.
" We are pleased to have actually closed on the sale of our U.S. Polymers service and eagerly anticipate completing this calculated divestiture by closing on the sale of our U.S. Base Chemicals business later this year," said Peter Huntsman. "The associates that have actually transferred to FHR today are amongst the finest in our sector, and we are pleased they have actually joined another top quality driver of chemical possessions."
" Today's acquisition is an essential step for Flint Hills Resources as we seek chances to leverage our abilities," said Brad Razook, head of state and ceo of Kansas-based Flint Hills Resources, LP. "With the addition of these polymer production assets and also the skilled, seasoned workforce, our company believe we are placed to create exceptional value for our clients and continue growing."
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