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Huntsman’s Pigments & Additives Spin-off Gets New Name, Venator Materials

Published on 2017-01-19. Author : SpecialChem

THE WOODLANDS, Texas - Huntsman has decided to retain the Textile Effects business and exclude it from its planned Pigments and Additives spin-off. Huntsman also announced that the name of its planned spin-off will be Venator Materials Corporation.

Venator Materials
Strong pricing recovery for titanium dioxide and the identification of business improvement opportunities representing more than $75 million in annual EBITDA are expected to significantly enhance the financial strength of Venator's business. The $75 million in business improvements are incremental to current earnings and are expected to be completed by the end of 2018.

Latin Word for Hunter

Venator is the Latin word for hunter and is intended, in part, to acknowledge the Huntsman legacy. Venator shares are expected to trade on the New York Stock Exchange under the ticker VNTR after the distribution to Huntsman's shareholders, which remains targeted for the second quarter of 2017.

Peter R. Huntsman, Huntsman Corporation President and CEO, commented:
"We are making significant progress toward the spin-off and are pleased with the Pigments and Additives business recovery. We expect Venator will be a premier pigments company unencumbered by excessive debt or other unrelated liabilities. Improved titanium dioxide pricing combined with the identification of business improvement opportunities that ar incremental to current earnings are expected to more than offset the free cash flow that Venator would have received from the Textile Effects business."

Growth of Differentiated Businesses

"In addition to the progress we are making on the spin of our Pigments and Additives business, we continue to improve our free cash flow generation and grow our downstream differentiated businesses. During 2016, we also repaid approximately $550 million of debt and significantly strengthened our balance sheet."

The completion of the spin-off is subject to the satisfaction or waiver of a number of conditions, including the Registration Statement on Form 10 for Venator Materials Corporation's common stock being declared effective by the SEC and certain other conditions described in the information statement included in the Form 10.

About Huntsman

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of more than $10 billion. Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. Huntsman operates more than 100 manufacturing and R&D facilities in approximately 30 countries and employs approximately 15,000 associates within its 5 distinct business divisions including the Pigments and Additives division that it intends to spin-off as Venator Materials Corporation.

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Source: Huntsman
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