|Public (NYSE: HUN)|
|Founder||Jon M. Huntsman|
|Headquarters||The Woodlands, Texas
Salt Lake City, Utah
|Jon M. Huntsman
Peter R. Huntsman
(President and CEO)
|Revenue||US$ 10.299 billion (2015)|
|US$ 405 million (2015)|
|US$ 126 million (2015)|
|Total assets||US$ 9.820 billion (2015)|
Number of employees
Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and pigments for customers like BMW, GE, Chevron, Procter & Gamble, and Unilever. With headquarters in The Woodlands, Texas and executive offices in Salt Lake City, Utah, they operate more than 100 manufacturing and R&D facilities in over 30 countries and employ approximately 15,000 associates across 5 business divisions. Huntsman Corporation had 2014 revenues of over $12 billion.
The Huntsman Corporation was initially founded as the Huntsman Container Corporation in 1970 by Jon Huntsman, Sr. It went public as the Huntsman Corporation 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.
The Huntsman Corporation became the then third-largest petrochemical business in the United States when in 1999, it acquired Imperial Chemical Industries' polyurethanes, titanium dioxide, aromatics and petrochemical global businesses for $2.8 billion.
Huntsman also acquired the Performance Additives and Titanium Dioxide (TiO2) businesses of Rockwood Holdings, Inc. on October 1, 2014 to become the second-largest global producer of titanium dioxide and inorganic color pigments for uses like paints and industrial coatings. Huntsman paid approximately $1 billion in cash and assumed certain unfunded European pension liabilities.
Advanced Materials is a supplier of synthetic and formulated polymer systems. Huntsman’s epoxy, acrylic and polyurethane-based polymer products are used to replace traditional materials in aircraft, automobiles and electrical power transmission.
Polyurethanes manufactures MDI-based polyurethane solutions used in an extensive range of applications and market sectors. Polyurethanes provide key benefits of energy efficiency, comfort and well-being. Insulation products conserve energy in housing and commercial properties, and play a critical role in the food supply chain – keeping products at the right temperature in refrigerated vehicles, chiller cabinets and refrigerators. Polyurethanes also provide comfort and well-being in automotive seating, furniture, bedding and footwear. Adhesive products, coatings and elastomers are used extensively throughout consumer and industrial applications.
Performance Products manufactures products primarily based on amines, carbonates, surfactants and maleic anhydride. End uses include agrochemicals, oil and gas and alternative energy solutions, home detergents and personal care products, adhesives and coatings, mining, and polyurethane/epoxy curing agents.
Pigments and Additives is a manufacturer of titanium dioxide pigments and additives used to add performance and color to items such as paints, inks, plastics and concrete to cosmetics, pharmaceuticals and food.
Textile Effects manufactures and markets textile dyes and chemicals that enhance color and improve performance such as resistance, UV-blocking and the ability to repel water and stains in apparel, home and technical textiles.
Terminated takeover agreement
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, 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. 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. 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 was settled in 2009 for $632 million in cash and $1.1 billion in loans to the Huntsman Corporation.
- "Huntsman Corporation and Subsidiaries Huntsman International LLC and Subsidiaries 2015 Annual Report on Form 10-K". Securities and Exchange Commission. Retrieved 8 April 2016.
- "Huntsman to Buy Texaco Chemical Plant". The New York Times. Retrieved 12 October 2015.
- Ewing, Terzah. "Texaco to Sell Chemicals Plant To Huntsman for $600 Million". Wall Street Journal. Retrieved 12 October 2015.
- "Business: The Company File Mormon family buys ICI chemicals". BBC News. Retrieved 12 October 2015.
- Fox Rubin, Ben. "Huntsman to Buy Rockwood Units for $1.1 Billion". Wall Street Journal. Retrieved 12 October 2015.
- Huntsman Corporation. (2014). Huntsman Completes Acquisition of Rockwood's Performance Additives and Titanium Dioxide Businesses [Press release]. Retrieved from http://www.huntsman.com/corporate/Applications/itemrenderer?p_rendertitle=no&p_renderdate=no&p_renderteaser=no&p_item_id=988006371&p_item_caid=1123
- Kingsbury, Kevin; Campoy, Ana (July 13, 2007). "Why Apollo Was So Keen To Acquire Huntsman". The Wall Street Journal. p. A7. Retrieved 23 July 2010.
- Associated Press (2008-06-23). "Huntsman sues Apollo for backing out of deal". Chicago Tribune. Retrieved 2008-06-24.
- Easton, Nina (July 5, 2010). "Inside An American Dynasty". Fortune 162 (1): 107–116.