Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives 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, R&D and operations facilities in over 30 countries and employ approximately 10,000 associates across four business divisions. Huntsman Corporation had 2016 revenues of approximately $10 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 and specialty chemical products.
In April 1994, Huntsman acquired the Texaco Chemical company for $1.1 billion. Texaco Inc. agreed to sell its last remaining petrochemicals plant to Huntsman in 1999 for about $600 million.
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 largest color and white pigments company in the world. Huntsman paid approximately $1 billion in cash and assumed certain unfunded European pension liabilities.
In May 2017, Huntsman and Clariant announced that they would merge, as equals, forming HuntsmanClariant which would be the global leader in speciality chemical production - with the deal valued at $20 billion. Clariant shareholders will own 52% of the new entity, with Huntsman shareholders owning the remaining 48% of shares.
The merger was terminated on October 27, 2017.
Huntsman Corporation spun off its Pigments and Additives division as Venator Materials Corporation (“Venator”) in an initial public offering on Aug. 8, 2017.
Venator became the owner of Huntsman’s Titanium Dioxide and Performance Additives businesses, which offers products comprising a broad range of pigments and additives that add performance and color to many everyday items. Venator is a global company with more than 4,500 employees across 27 facilities in more than 110 countries.
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.
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.
Textile Effects manufactures and markets textile dyes and chemicals that enhance color and improve performance such as fade resistance, UV-blocking and the ability to repel water and stains in apparel, home, and technical textiles.