Huntsman Completes Sale of Australian Polyester Resin Assets |
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Huntsman Advanced Materials
5121 San Fernando Rd. W.
Los Angeles, CA, 90039-1011
USA
Press release date: January 4, 2007
Company Continues Strategy to Reduce Debt and Focus on Differentiated Products
The Woodlands, Texas, January 4 - Huntsman Corporation (NYSE: HUN) today announced that Huntsman Chemical Company Australia Pty Ltd (HCCA), a part of Huntsman's Base Chemicals and Polymers division, has completed the previously announced sale of its Polyester Resins (composites) business assets to Nuplex Industries Ltd (Nuplex) for A$9.6 million (approx. U.S.$7.5 million) in cash plus the value of inventory and other stock in trade at the completion date, for a total transaction value of A$20.3 million, subject to post closing adjustments. The transaction further includes additional consideration payable over a three year period upon achieving certain associated earnings targets. The assets sold include HCCA's polyesters, vinylesters and gelcoats manufacturing assets. Annual sales from the business total approximately A$53 million. Financial performance of the business for Huntsman had been modest.
Kimo Esplin, Huntsman's Chief Financial Officer, said, "The completion of this transaction follows our December 29 announcement of the sale of our European commodity chemicals business to Saudi Basic Industries Corporation. We continue to review our portfolio for opportunities to create shareholder value as we pay down debt and focus on our differentiated products."
Polyester resin composites are used to manufacture a wide variety of products that are generally known as fibreglass products. These are found in the building industry as roof sheets, in the marine industry as boat hulls, and in such consumer items as spas and vanity tops. Polyester resin composites also are used to manufacture swimming pools and in demanding applications within the chemical Industry.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 14,000 employees and over 75 operations in 24 countries. The Company had 2005 revenues of $13 billion.
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