Company News
January 6, 2020
Huntsman Completes Sale
Huntsman Completes the Sale of its Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2 Billion
THE WOODLANDS, Texas, Jan. 5, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) announced today it has completed the sale of its chemical intermediates businesses, which includes PO/MTBE, and its surfactants businesses to Indorama Ventures in a transaction valued at approximately $2 billion, comprising a cash purchase price of approximately $1.93 billion, which includes estimated adjustments to the purchase price for working capital, plus the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. The final purchase price is subject to customary post-closing adjustments. The net cash proceeds are expected to be just under $1.6 billion.
Peter Huntsman, Chairman, President and CEO commented:
“This transformational transaction significantly reduces our capital-intensive upstream asset base, further bolsters our already strong balance sheet and allows us to further invest in and grow our downstream businesses. We are committed to retaining our investment grade balance sheet and our continued balanced approach to capital allocation. This transaction greatly expands our flexibility and opportunity for select strategic and accretive acquisitions, as well as for expansions in our core downstream global footprint, and for continued opportunistic repurchases of our shares. We remain disciplined and focused on the creation of long-term shareholder value.
“This is a great transaction for both Huntsman and Indorama. I am pleased to see that so many of our outstanding associates are transitioning to a company that has values like Huntsman. Led by Aloke Lohia, Indorama is a family-run business that understands the value of quality people. I look forward to an ongoing relationship with Indorama for years to come.”
https://ir.huntsman.com/news-releases/detail/425/huntsman-completes-the-sale-of-its-chemical-intermediates
January 6, 2020
Huntsman Completes Sale
Huntsman Completes the Sale of its Chemical Intermediates and Surfactants Businesses to Indorama Ventures for $2 Billion
THE WOODLANDS, Texas, Jan. 5, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) announced today it has completed the sale of its chemical intermediates businesses, which includes PO/MTBE, and its surfactants businesses to Indorama Ventures in a transaction valued at approximately $2 billion, comprising a cash purchase price of approximately $1.93 billion, which includes estimated adjustments to the purchase price for working capital, plus the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. The final purchase price is subject to customary post-closing adjustments. The net cash proceeds are expected to be just under $1.6 billion.
Peter Huntsman, Chairman, President and CEO commented:
“This transformational transaction significantly reduces our capital-intensive upstream asset base, further bolsters our already strong balance sheet and allows us to further invest in and grow our downstream businesses. We are committed to retaining our investment grade balance sheet and our continued balanced approach to capital allocation. This transaction greatly expands our flexibility and opportunity for select strategic and accretive acquisitions, as well as for expansions in our core downstream global footprint, and for continued opportunistic repurchases of our shares. We remain disciplined and focused on the creation of long-term shareholder value.
“This is a great transaction for both Huntsman and Indorama. I am pleased to see that so many of our outstanding associates are transitioning to a company that has values like Huntsman. Led by Aloke Lohia, Indorama is a family-run business that understands the value of quality people. I look forward to an ongoing relationship with Indorama for years to come.”
https://ir.huntsman.com/news-releases/detail/425/huntsman-completes-the-sale-of-its-chemical-intermediates
January 2, 2020
Adient Profile
‘We’ve been pretty upfront about what needs to be done,’ a stoic DelGrosso said from his corner office in suburban Detroit in November, shortly after sharing some bad news with his headquarters staff. ‘I thanked them for taking the burden on.’
‘The burden’ is what DelGrosso has declared as a back-to-Basics’ drive. He believes Adient — the world’s biggest seat supplier, with 2018 revenue of $17.4 bn — has been distracted by costly ideas not core to its business. He intends to scale back from those distractions and focus on what made Adient powerful: car seats.
DelGrosso: Share the pain
‘With so much uncertainty, I decided to take decisive action,’ DelGrosso said. ‘I think people get it. They probably don’t like it, but it was the right thing to do. We’re continuing on the path we’re on.’
CEO Doug DelGrosso said Adient is allowing questionable operations to expire.
Read more here: https://www.utech-polyurethane.com/news/adient-restructures-2020-breakeven?utm_source=utech-north-america&utm_medium=email&utm_campaign=20191231&utm_content=idio-headline1
January 2, 2020
Adient Profile
Adient restructures for 2020 breakeven
‘We’ve been pretty upfront about what needs to be done,’ a stoic DelGrosso said from his corner office in suburban Detroit in November, shortly after sharing some bad news with his headquarters staff. ‘I thanked them for taking the burden on.’
‘The burden’ is what DelGrosso has declared as a back-to-Basics’ drive. He believes Adient — the world’s biggest seat supplier, with 2018 revenue of $17.4 bn — has been distracted by costly ideas not core to its business. He intends to scale back from those distractions and focus on what made Adient powerful: car seats.
DelGrosso: Share the pain
‘With so much uncertainty, I decided to take decisive action,’ DelGrosso said. ‘I think people get it. They probably don’t like it, but it was the right thing to do. We’re continuing on the path we’re on.’
CEO Doug DelGrosso said Adient is allowing questionable operations to expire.
Read more here: https://www.utech-polyurethane.com/news/adient-restructures-2020-breakeven?utm_source=utech-north-america&utm_medium=email&utm_campaign=20191231&utm_content=idio-headline1
December 24, 2019
LyondellBasell Announces Chinese PO Plant
LyondellBasell and Sinopec plan new China JV to produce PO and SM
09:35 AM | December 24, 2019 | Natasha Alperowicz
The new complex is expected to produce 300,000 metric tons/year of PO and 600,000 metric tons/year of SM. Construction will begin in early 2020 with start-up expected in 2022. The facility will use LyondellBasell’s PO/SM technology. Products produced will be marketed equally by both companies. The existing facility at Ningbo is designed to produce 620,000 metric tons/year of SM, according to IHS Markit data.
According to IHS Markit, China makes up more than 60% of the Asian chemicals market demand and represents 40% of global chemicals growth over the next decade. PO and SM are core products for LyondellBasell.
“Joint ventures in strategic regions are an important part of our growth strategy,” said Bob Patel, CEO of LyondellBasell. “As demand for construction materials, packaging, and furnishings continues to grow, we see an opportunity to bring together our leading technology with Sinopec’s operational capabilities to further serve the Chinese market.”
LyondellBasell also recently signed an agreement with Liaoning Bora Enterprise Group to form a 50/50 JV to operate a 1.1-million metric tons/year steam cracker and polyolefin plants at Panjin, China. Separately, LyondellBasell is currently building the largest next-generation PO/tertiary butyl alcohol plant in the world near Houston, Texas. “This cooperation on the second PO/SM unit between Sinopec and LyondellBasell is based on the successful partnership of the first unit,” said Dai Houliang, chairman of Sinopec. “It is in line with China’s further opening-up policy and is another achievement of international cooperation of Sinopec. The products will help meet the increasing demand from the domestic market.
https://chemweek.com/CW/Document/108152/
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