Huntsman completes sale European surfactants business $225 mn

Huntsman completes sale of European surfactants business for $225 mn

8:02 AM, 2nd January 2017
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THE WOODLANDS, US: Huntsman Corporation has completed the sale of its European surfactants business to Innospec Inc for an enterprise value of $225 million. This business represented approximately $24 million of EBITDA in 2015.

The business is currently managed from Belgium and has manufacturing assets in France, Italy and Spain. With sales revenues of around $230 million, the business employs approximately 430 people. Innospec will integrate the acquisition into its performance chemicals business.

The sale of the European surfactants business represents another step in Huntsman's strategic transformation of its performance products business, which recently expanded its downstream positioning with a polyetheramines expansion in Singapore and is currently undertaking a substantial cost savings and business improvement initiative.

"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 $260 million of debt using proceeds from the sale and existing cash, we have now repaid approximately $550 million of debt in 2016 and significantly strengthened our balance sheet," said Peter Huntsman, president and CEO of Huntsman.

“We are delighted to welcome the new employees to Innospec, and we look forward to working with our customers and offering a much wider range of products and technologies,” said Bruce McDonald, president of performance chemicals at Innospec.

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