Company News

May 20, 2020

Huntsman Unveils Name for Spray Foam Business

Huntsman Unveils Spray Polyurethane Foam Business Name: Huntsman Building Solutions

THE WOODLANDS, Texas, May 20, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced that it has branded its world leading spray polyurethane foam (SPF) Business as Huntsman Building Solutions (HBS). HBS is a global platform within Huntsman’s Polyurethanes division.

The SPF Business was formed when Huntsman acquired leading North American SPF company Icynene-Lapolla in February and combined it with Demilec, which Huntsman acquired in 2018. HBS is now one of the world’s leading SPF providers and the fifth largest insulation manufacturer.  Simon Baker, previously president of Demilec, and Doug Kramer, formerly president of Icynene-Lapolla, jointly lead HBS. Baker is responsible for Canada and international business and Kramer for U.S. business.

Commenting on the new name, Tony Hankins, President of Huntsman’s Polyurethanes division, said: “Integration of the two legacy companies is progressing well and the selection of the new name is an important milestone for the Business. I’m excited about the opportunities that lie ahead, notwithstanding the current challenges caused by the Covid-19 pandemic. SPF is a highly attractive growth business; we have a product offering which is second to none and our products provide significant environmental benefits – not just in terms of energy savings, as they are the most effective thermal insulants in the market; but also in terms of the upcycling of PET bottles and scrap, which are used in our TEROL® polyols, a key ingredient in the production of SPF. HBS will consume significant volumes of our lower margin polymeric MDI – the other key ingredient in SPF formulations – to produce higher margin specialized SPF systems.”

https://ir.huntsman.com/news-releases/detail/442/huntsman-unveils-spray-polyurethane-foam-business-name

May 20, 2020

Flooding in Midland

Dow Shutters Operations in Midland After Michigan Dams Break

MIDLAND, Mich. — Rapidly rising water overtook dams and forced the evacuation of about 10,000 people in central Michigan, where flooding struck communities along rain-swollen waterways and the governor said one downtown could be “under approximately 9 feet of water” by Wednesday.

For the second time in less than 24 hours, families living along the Tittabawassee River and connected lakes in Midland County were ordered Tuesday evening to leave home. By Wednesday morning, water that was several feet high covered some streets near the river in downtown Midland, including riverside parkland, and reaching a hotel and parking lots.

The National Weather Service urged anyone near the river to seek higher ground following “castastrophic dam failures” at the Edenville Dam, about 140 miles north of Detroit, and the Sanford Dam, about 7 miles downriver.

Michigan Gov. Gretchen said downtown Midland, a city of 42,000 about 8 miles downstream from the Sanford Dam, faced an especially serious flooding threat. Dow Chemical Co.’s main plant sits on the city’s riverbank.

“In the next 12 to 15 hours, downtown Midland could be under approximately 9 feet of water,” the governor said during a late Tuesday briefing. “We are anticipating an historic high water level.”

Whitmer declared a state of emergency for Midland County and urged residents threatened by the flooding to find a place to stay with friends or relatives or to seek out one of several shelters that opened across the county. She encouraged people to do their best to take precautions to prevent the spread of coronavirus, such as wearing a face covering and observing social distancing “to the best of your ability.”

“This is unlike anything we’ve seen in Midland County,” she said. ”If you have a family member or loved one who lives in another part of the state, go there now.”

Emergency responders went door-to-door early Tuesday morning warning residents living near the Edenville Dam of the rising water. Some residents were able to return home, only to be told to leave again following the dam’s breach several hours later. The evacuations include the towns of Edenville, Sanford and parts of Midland, according to Selina Tisdale, spokeswoman for Midland County.

“We were back at home and starting to feel comfortable that things were calming down,” said Catherine Sias, who lives about 1 mile from the Edenville Dam and first left home early Tuesday morning. “All of a sudden we heard the fire truck sirens going north toward the dam.”

Sias, 45, said emergency alerts then began coming on her cellphone and people started calling to make sure she was safe.

“While packing, there were tons of police and fire trucks going up and down the roads,” she added. “As far as I know, all of our neighbors got out.”

While driving along a jammed M-30, the state highway that’s the main road through Edenville and that crosses the river north of town, Sias saw the rushing Tittabawassee River. “It was very dramatic, very fast and full of debris,” she said.

Dow Chemical has activated its emergency operations center and will be adjusting operations as a result of current flood stage conditions, spokeswoman Rachelle Schikorra said in an email.

“Dow Michigan Operations is working with its tenants and Midland County officials and will continue to closely monitor the water levels on the Tittabawassee River,” Schikorra said.

In 2018, the Federal Energy Regulatory Commission revoked the license of the company that operated the Edenville Dam due to non-compliance issues that included spillway capacity and the inability to pass the most severe flood reasonably possible in the area.

The Edenville Dam, which was built in 1924, was rated in unsatisfactory condition in 2018 by the state. The Sanford Dam, which was built in 1925, received a fair condition rating.

Both dams are in the process of being sold.

There were 19 high hazard dams in unsatisfactory or poor condition in Michigan in 2018, ranking 20th among the 45 states and Puerto Rico for which The Associated Press obtained condition assessments.

Flood warnings in Michigan were issued following widespread rainfall of 4 to 7 inches since Sunday, according to the National Weather Service. Heavy runoff pushed rivers higher.

The Tittabawassee River was at 30.5 feet and rising Tuesday night — flood stage is 24 feet. It was expected to crest Wednesday at a record of about 38 feet.

https://www.freep.com/story/news/local/michigan/2020/05/20/dam-breach-michigan-fails-collapse-edenville-sanford/5226797002/

May 20, 2020

Flooding in Midland

Dow Shutters Operations in Midland After Michigan Dams Break

MIDLAND, Mich. — Rapidly rising water overtook dams and forced the evacuation of about 10,000 people in central Michigan, where flooding struck communities along rain-swollen waterways and the governor said one downtown could be “under approximately 9 feet of water” by Wednesday.

For the second time in less than 24 hours, families living along the Tittabawassee River and connected lakes in Midland County were ordered Tuesday evening to leave home. By Wednesday morning, water that was several feet high covered some streets near the river in downtown Midland, including riverside parkland, and reaching a hotel and parking lots.

The National Weather Service urged anyone near the river to seek higher ground following “castastrophic dam failures” at the Edenville Dam, about 140 miles north of Detroit, and the Sanford Dam, about 7 miles downriver.

Michigan Gov. Gretchen said downtown Midland, a city of 42,000 about 8 miles downstream from the Sanford Dam, faced an especially serious flooding threat. Dow Chemical Co.’s main plant sits on the city’s riverbank.

“In the next 12 to 15 hours, downtown Midland could be under approximately 9 feet of water,” the governor said during a late Tuesday briefing. “We are anticipating an historic high water level.”

Whitmer declared a state of emergency for Midland County and urged residents threatened by the flooding to find a place to stay with friends or relatives or to seek out one of several shelters that opened across the county. She encouraged people to do their best to take precautions to prevent the spread of coronavirus, such as wearing a face covering and observing social distancing “to the best of your ability.”

“This is unlike anything we’ve seen in Midland County,” she said. ”If you have a family member or loved one who lives in another part of the state, go there now.”

Emergency responders went door-to-door early Tuesday morning warning residents living near the Edenville Dam of the rising water. Some residents were able to return home, only to be told to leave again following the dam’s breach several hours later. The evacuations include the towns of Edenville, Sanford and parts of Midland, according to Selina Tisdale, spokeswoman for Midland County.

“We were back at home and starting to feel comfortable that things were calming down,” said Catherine Sias, who lives about 1 mile from the Edenville Dam and first left home early Tuesday morning. “All of a sudden we heard the fire truck sirens going north toward the dam.”

Sias, 45, said emergency alerts then began coming on her cellphone and people started calling to make sure she was safe.

“While packing, there were tons of police and fire trucks going up and down the roads,” she added. “As far as I know, all of our neighbors got out.”

While driving along a jammed M-30, the state highway that’s the main road through Edenville and that crosses the river north of town, Sias saw the rushing Tittabawassee River. “It was very dramatic, very fast and full of debris,” she said.

Dow Chemical has activated its emergency operations center and will be adjusting operations as a result of current flood stage conditions, spokeswoman Rachelle Schikorra said in an email.

“Dow Michigan Operations is working with its tenants and Midland County officials and will continue to closely monitor the water levels on the Tittabawassee River,” Schikorra said.

In 2018, the Federal Energy Regulatory Commission revoked the license of the company that operated the Edenville Dam due to non-compliance issues that included spillway capacity and the inability to pass the most severe flood reasonably possible in the area.

The Edenville Dam, which was built in 1924, was rated in unsatisfactory condition in 2018 by the state. The Sanford Dam, which was built in 1925, received a fair condition rating.

Both dams are in the process of being sold.

There were 19 high hazard dams in unsatisfactory or poor condition in Michigan in 2018, ranking 20th among the 45 states and Puerto Rico for which The Associated Press obtained condition assessments.

Flood warnings in Michigan were issued following widespread rainfall of 4 to 7 inches since Sunday, according to the National Weather Service. Heavy runoff pushed rivers higher.

The Tittabawassee River was at 30.5 feet and rising Tuesday night — flood stage is 24 feet. It was expected to crest Wednesday at a record of about 38 feet.

https://www.freep.com/story/news/local/michigan/2020/05/20/dam-breach-michigan-fails-collapse-edenville-sanford/5226797002/

May 18, 2020

Huntsman Completes CVC Acquisition

Huntsman Completes the Acquisition of CVC Thermoset Specialties

THE WOODLANDS, Texas, May 18, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced that it has completed the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets. Huntsman acquired the business from Emerald Performance Materials LLC, a majority-owned affiliate of American Securities LLC, for approximately $300 million, subject to customary closing adjustments. The all-cash transaction was funded from available liquidity.

The acquisition of CVC Thermoset Specialties, with its highly specialized toughening, curing and other additives used in a wide range of applications and markets, is strongly aligned with Huntsman’s strategy of growing its specialty Advanced Materials portfolio. CVC Thermoset Specialties has annual revenues of approximately $115 million with manufacturing facilities located in Akron, Ohio, and Maple Shade, New Jersey.

Scott Wright, President of Huntsman’s Advanced Materials division, commented: “These products deliver enhanced performance, such as durability, flexibility, and chemical, crack and impact resistance, in harsh environments. Its applications make vehicles, aircraft, infrastructure and electronics lighter, stronger and last longer. Not only will this acquisition strengthen Advanced Materials’ position in North America, it offers products and technologies that we intend to rapidly grow and globalize by utilizing our existing asset footprint and routes to market in Europe and Asia. We expect to achieve approximately $15 million of annualized synergies within two years.”

Peter Huntsman, Chairman, President and CEO, further commented: “This acquisition provides unique technology, cost efficiency, an expanded customer base, and greater shareholder value. We look forward to continuing to expand through transactions such as this.”

https://ir.huntsman.com/news-releases/detail/441/huntsman-completes-the-acquisition-of-cvc-thermoset

May 18, 2020

Huntsman Completes CVC Acquisition

Huntsman Completes the Acquisition of CVC Thermoset Specialties

THE WOODLANDS, Texas, May 18, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced that it has completed the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets. Huntsman acquired the business from Emerald Performance Materials LLC, a majority-owned affiliate of American Securities LLC, for approximately $300 million, subject to customary closing adjustments. The all-cash transaction was funded from available liquidity.

The acquisition of CVC Thermoset Specialties, with its highly specialized toughening, curing and other additives used in a wide range of applications and markets, is strongly aligned with Huntsman’s strategy of growing its specialty Advanced Materials portfolio. CVC Thermoset Specialties has annual revenues of approximately $115 million with manufacturing facilities located in Akron, Ohio, and Maple Shade, New Jersey.

Scott Wright, President of Huntsman’s Advanced Materials division, commented: “These products deliver enhanced performance, such as durability, flexibility, and chemical, crack and impact resistance, in harsh environments. Its applications make vehicles, aircraft, infrastructure and electronics lighter, stronger and last longer. Not only will this acquisition strengthen Advanced Materials’ position in North America, it offers products and technologies that we intend to rapidly grow and globalize by utilizing our existing asset footprint and routes to market in Europe and Asia. We expect to achieve approximately $15 million of annualized synergies within two years.”

Peter Huntsman, Chairman, President and CEO, further commented: “This acquisition provides unique technology, cost efficiency, an expanded customer base, and greater shareholder value. We look forward to continuing to expand through transactions such as this.”

https://ir.huntsman.com/news-releases/detail/441/huntsman-completes-the-acquisition-of-cvc-thermoset