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Huntsman-Vantico deal approved

Published on 2003-07-03. Author : SpecialChem

 

MatlinPatterson Global Opportunity Partners has announced the completion of the restructuring of Vantico and the transfer of the business to HMP Equity Holdings, its partnership with Huntsman LLC. As a result, Huntsman now has full operational and financial control of the business which it has renamed to Huntsman Advanced Materials. The new business will be managed as a part of Huntsman's Polyurethanes and Specialties Division.

The restructuring, which involved the exchange of a significant amount of debt for equity and CHF150 million in new cash, is being put into the business, restoring the business' balance sheet to full health. The initiative gives MatlinPatterson and Huntsman approximately 90% ownership of the business. Various stakeholders own the remaining 10%.

MatlinPatterson CEO, David Matlin, commented, "Huntsman Advanced Materials makes a strong addition to our Huntsman partnership. We feel certain that it will add substantial value to the Huntsman group of businesses."

Peter R. Huntsman, President and CEO of the Huntsman companies, said, "There are strong supply chain and commercial synergies between Advanced Materials and our existing businesses. We also are pleased that it gives us a more diverse portfolio of innovative, higher end products. We are confident that Huntsman Advanced Materials will significantly enhance our position in the market."

Huntsman Advanced Materials is a global manufacturer and supplier of materials for coatings and structural composites, of adhesives, tooling, electrical and electronic insulation materials to a wide range of industries.

The combined Huntsman companies constitute the world's largest privately held chemical company. The operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman-held companies today have more than 13,000 employees, facilities in 44 countries and had 2002 revenues of more than $7 billion. The addition of the Advanced Materials business gives Huntsman revenues in excess of $8 billion and more than 15,000 employees.


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