Commodity chemical producer and marketer Huntsman Corp., Salt Lake City, has signed an agreement
with Saudi Basic Industries Corp. (SABIC), Saudi Arabia, under which SABIC will acquire Huntsman’s
European Base Chemicals and Polymers business for $700 million.
According to Huntsman, the sale, which is subject to closing adjustments, will enable the
company to reduce its United Kingdom pension liabilities by approximately $126 million. In 2005,
the European Base Chemicals and Polymers business produced revenues of $2.5 billion. Huntsman’s
England-based Pigments division and the aniline and nitrobenzene operations of its Polyurethanes
division will not be included in the purchase.
Peter R. Huntsman, president and CEO, Huntsman
previously announced strategy of realigning our portfolio to differentiated businesses and paying
down debt,” said Peter R. Huntsman, president and CEO, Huntsman.
November/December 2006