Huntsman completes sale of European surfactants business
Global chemical manufacturer Huntsman Corporation has completed the sale of its European surfactants business to Innospec for $225m.
Huntsman plans to make an early repayment of $260m for its debts using proceeds from the sale and existing cash. This debt repayment is in addition to the recent debt reductions of $100m in July and September last year.
Huntsman Corporation president and CEO Peter Huntsman said: “By completing the sale of this business, we are executing our plan to focus on businesses within our portfolio with a greater long-term strategic fit, while continuing to grow our downstream differentiated businesses.
“With the early repayment of another $260m of debt using proceeds from the sale and existing cash, we have now repaid approximately $550m of debt in 2016 and significantly strengthened our balance sheet.”
Despite selling its European business, Huntsman has retained certain core products strategic to its global agrochemicals, lubes and other businesses and entered a long-term tolling arrangement with Innospec, which will allow Huntsman to continue marketing some of these products.
The sale of the European surfactants business represents another step in Huntsman's strategic transformation of its performance products business.
With more than 100 manufacturing and R&D facilities in approximately 30 countries, Huntsman’s revenue in 2015 surpassed $10bn mark.