Huntsman Corporation
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Huntsman Corporation (NYSE: HUN) is a global chemical company with 12,000 employees and revenues exceeding $10 billion.
Huntsman serves a variety of end markets, the largest of which is consumer durables and non-durables, followed by paints and coatings, insulation and other construction materials, chemicals, energy and aerospace.
Huntsman holds global leadership positions in MDI (diphenylmethane diisocyanate), polyurethane catalysts, epoxy adhesives, epoxy powder coating systems, aerospace composites, electrical insulating materials, textile effect chemicals, polyetheramines, ethylene and propylene carbonates, and maleic anhydride.[citation needed]
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[edit] Business Segments[1]
Advanced Materials is a supplier of synthetic and formulated polymer systems.
Its technologies are used in markets such as adhesives and inks, aerospace, automotive, coatings, construction, electronics, medical, marine, sports equipment and wind power generation.
Performance Products manufactures products worldwide and comprises three business groups: Performance Specialties, Performance Intermediates, and Maleic Anhydride & Commercial Licensing.
Specialties products are used in a variety of consumer and industrial markets and applications. Huntsman is a producer of amines, carbonates and certain specialty surfactants and also produces linear alkyl benzene (LAB) and ethanolamines used in detergent and consumer products applications.
Intermediate products are used to manufacture shampoos and conditioners, shaving creams, fabric softeners and laundry detergents, as well as wrinkle-resistant clothing.
Maleic Anhydride is a highly versatile chemical intermediate and its largest single application is in the manufacturing of unsaturated polyester resins for use in the housing, automotive and marine industries.
Pigments is a manufacturer of titanium dioxide pigments. Polyurethanes is providing MDI-based polyurethane solutions across a variety of market sectors. Used in an extensive range of applications - from comfort seating and sound insulation in cars, to thermal insulation and composite wood products in buildings.
Textile Effects creates, markets and manufactures a broad range of chemical and dye products.
[edit] History
Huntsman Corporation was founded in 1982 as Huntsman Chemical Corporation in Salt Lake City, Utah by Jon M. Huntsman and was a privately held family company until going public on the New York Stock Exchange NYSE: HUN in February 2005. Huntsman has grown through a series of acquisitions (with some divestitures) and today is a manufacturer and marketer of differentiated chemical products.
[edit] Failed takeover
In June 2007, it was announced that Huntsman had agreed to be acquired by Access Industries, owned by the billionaire Len Blavatnik, for $5.88 billion in cash. Huntsman shareholders would receive $25.25 a share from Access Industries' chemical unit, Basell Holdings, based in Hoofddorp, the Netherlands. Access would assume $3.7 billion of Huntsman debt.
However, on July 12, 2007 the agreement was terminated as Huntsman agreed to be bought by Apollo Management for $6.51 billion or $28 a share. [1] Huntsman filed a suit against Apollo Management and its two partners in Texas after the group backed out of the deal to purchase the chemical company. The suit alleged fraud against Apollo Management as Huntsman believed that the group never intended to allow its Hexion Specialty Chemicals unit to buy Huntsman Corp. for $6.5 billion. Huntsman also claimed Apollo put forth a higher bid to prevent the Basell AF buyout as it would have threatened Hexion's market share. Hexion stated Huntsman's declining financial position as the reason the deal was terminated.[2] Upon termination of the Hexion merger agreement, the Huntsman stock value dropped by almost 50%.
In December 2008, Apollo and Hexion agreed to pay Huntsman $1 billion in return for Huntsman dropping all charges against them. A suit against the funding banks continues in Texas with a trial date set for June 2009.[3]
[edit] References
- ^ Huntsman Corporation 2008 Annual Report
- ^ Associated Press (2008-06-23). "Huntsman sues Apollo for backing out of deal". http://www.chicagotribune.com/business/sns-ap-huntsman-apollo-lawsuit,0,4108606.story. Retrieved 2008-06-24.
- ^ "Huntsman Corp.". Time Inc.. http://www.time.com/time/specials/packages/article/0,28804,1945379_1944446_1944450,00.html. Retrieved 2010-01-04.
