The Urethane Blog
June 16, 2026
OLIN and HUNTSMAN Announce Transformative Merger of Equals to Create a $12+ Billion Integrated North American Chemicals Leader
Download as PDFJune 16, 2026 6:00am EDT
Complementary upstream and downstream capabilities to enhance integration and enable the combined company to better create value across cycles, products and regions
$400+ million of identified and actionable cost synergies and integration benefits
Enhanced financial profile and cost position expected to provide greater performance through the cycle, cash flow generation and growth optionality
Ken Lane to serve as Chief Executive Officer and Peter Huntsman to serve as non-executive Chairman of the Board of Directors of the combined company
Joint investor call and webcast scheduled for June 16, 2026 at 8:00 a.m. Eastern Time
CLAYTON, Missouri and THE WOODLANDS, Texas, June 16, 2026 /PRNewswire/ — Olin Corporation (NYSE: OLN) and Huntsman Corporation (NYSE: HUN) today announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a leading North American chemicals company. The transaction is expected to generate significant value for shareholders of both companies, with more than $400 million in total identified cost synergies and integration benefits.
The combined organization, which will be renamed OlinHuntsman Corporation (“OlinHuntsman”) following the close of the transaction, will benefit from enhanced scale, scope and expanded chlorine optionality, enabling it to create value across markets and cycles. The vertical integration of Olin and Huntsman’s highly complementary upstream and downstream businesses brings together cost-advantaged North American assets and feedstocks with differentiated formulations and high-value advanced materials. From its global manufacturing platform, OlinHuntsman will deliver to diverse and growing end markets including automotive, construction and infrastructure, and industrial applications. OlinHuntsman will have a structurally lower cost position and an expanded ability to convert advantaged Electrochemical Units production into downstream materials, unlocking more opportunities to grow.
“This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America,” said Ken Lane, President and Chief Executive Officer of Olin. “Huntsman has built an impressive portfolio of polyurethane systems, formulation technologies and advanced materials serving technical, application-driven end markets. By integrating those capabilities with Olin’s world-scale chemicals assets and operations and identified synergies and benefits, we will create an industry leader with greater flexibility to serve customers across the value chain, generate stronger cash flow across the cycle and pursue opportunities that neither business could fully capture on its own. I’m excited by the opportunity to lead OlinHuntsman and deliver long-term value for our shareholders, customers, employees and communities.”
“As our industry continues to globalize, we compete more today against countries, than companies, trade policies and global supply chains than ever before,” said Peter Huntsman, Chairman, President and Chief Executive Officer of Huntsman. “The opportunities this merger creates enable us to generate greater value for our shareholders, deliver exceptional service and products for our customers and provide greater stability and opportunities for our associates. This merger of equals takes two great companies and creates a much stronger global leader.”
Strategic and Financial Rationale
- Creates a $12B+ North American Chemicals Leader. Together Olin and Huntsman would have 2025 revenue of approximately $12.5 billion on a combined company basis. Complementary portfolios and enhanced geographic footprint, including a significant presence in the U.S. Gulf Coast, will position OlinHuntsman to capitalize on regional sector dynamics. This, along with its presence in Europe and Asia, will enable it to better serve customers across key markets. Olin’s ammunition business, Winchester, will continue to operate as a key business within the combined company, growing its industry-leading brand and deepening its long-term relationships with sporting, law enforcement and military customers.
- Vertical Integration Improves Cost Position. The transaction will combine Olin’s manufacturing and feedstock capabilities, including chlorine and caustic soda, with Huntsman’s downstream products and formulation expertise. This platform will enable OlinHuntsman to grow with customers at multiple points in the value chain, utilize lower-cost producer economics to drive value globally and improve margins and cash flow through a more efficient operating model.
- $400M+ Cost Synergies and Integration Benefits. Olin and Huntsman have identified more than $300 million of cost synergies and integration benefits, with the vast majority realized within 24 months and all expected by the end of year three. These synergies will be driven by purchasing and raw material integration, optimization of operations and SG&A savings. The companies have also identified an additional $100 million of raw material integration benefits starting in 2031. In addition to the $400M+ synergies, OlinHuntsman expects to realize approximately $125 million of cash tax benefits through the acceleration of Net Operating Losses.
- Enhanced Scale and Disciplined Capital Allocation Drive Shareholder Value. The all-stock merger of equals structure will preserve balance sheet strength, and the combination is expected to improve earnings and cash flow generation through the cycle. OlinHuntsman will prioritize disciplined capital allocation focused on deploying maintenance capital to support safe and reliable operations, a stable dividend policy, near-term deleveraging and the deployment of future excess cash toward shareholder returns and high-return organic and inorganic growth projects.
Leadership, Governance and Headquarters
The combined company will benefit from a highly experienced management team and Board of Directors, drawing from both organizations. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of Directors. Current Huntsman Executive Vice President and Chief Financial Officer, Phil Lister, will serve as the Chief Financial Officer of the combined company.
OlinHuntsman’s Board of Directors will consist of ten members, with equal representation from Olin and Huntsman, including Peter Huntsman and Ken Lane.
To underscore the commitment to deliver on the identified synergies, Todd Slater, current Senior Vice President and Chief Financial Officer of Olin, will serve as Chief Integration Officer of OlinHuntsman, reporting to the Chief Executive Officer. A Strategic Integration Committee of OlinHuntsman’s Board of Directors will oversee the integration and synergy realization.
Upon closing of the transaction, OlinHuntsman will be headquartered in The Woodlands, Texas.
Transaction Details
Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one (1) share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company.
Peter Huntsman further stated, “Ken and I agreed to use an at-the-market exchange ratio using volume-weighted average prices over the trailing 30 days, measured as of the close of June 12, 2026. This delivers a premium to Huntsman’s shareholders relative to the historical averages while reflecting current market conditions. It is also equitable for Olin’s shareholders, smoothing out share price movements from last week’s trading. Looking ahead, our shared focus is on capturing the significant long-term value this transaction creates for both sets of shareholders.”
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin’s shareholders and Huntsman’s shareholders.
Advisors
Lazard is serving as financial advisor to Olin, and Cravath, Swaine & Moore LLP and Sidley Austin LLP are serving as legal counsel.
Citi and Morgan Stanley & Co. LLC are acting as financial advisors to Huntsman and Kirkland & Ellis LLP is serving as legal counsel. David Fox & Co. LLC acted as advisor to Huntsman.
Conference Call and Additional Materials
Olin and Huntsman will host a joint investor conference call today at 8:00 a.m. Eastern Time to discuss the transaction.
The conference call will be available via live webcast on the investor relations section of each company’s website at www.olin.com/investors/investors-overview/ and www.huntsman.com/investors, or directly at the following web address:
Associated presentation materials will also be available for viewing on the respective websites prior to the call.
The conference call can also be accessed by dialing:
| Participant Toll-Free Number: | 800-420-1459 |
| Participant Direct/International Number: | 203-518-9861 |
| Conference ID: | OLNHUN |
About Olin
Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.
Visit www.olin.com for more information on Olin Corporation.
About Huntsman
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
June 14, 2026
Sleep Number files Chapter 11, enters agreement to sell company to Sleep Country Canada
Sheila Long O’Mara //Executive Editor, Furniture Today//June 12, 2026
MINNEAPOLIS — Sleep Number has filed for Chapter 11 bankruptcy protection and entered into an agreement that would combine the company with Sleep Country Canada, creating what executives describe as a leading North American mattress and bedding business.
The company announced this morning that it has initiated a voluntary Chapter 11 sale process in the U.S. Bankruptcy Court for the Southern District of New York. As part of that process, Sleep Country Canada will serve as the stalking horse bidder in a court-supervised sale.
The proposed transaction remains subject to higher and better offers, court approval and other customary closing conditions. Sleep Number executives said the company expects to continue normal operations throughout the restructuring process.
“For 40 years, Sleep Number has been a leader in sleep innovation, helping millions of customers improve their health and well-being through personalized sleep solutions,” said Linda Findley, president and CEO. “While we have made meaningful progress advancing our turnaround efforts and strengthening our operations, our capital structure remains unsustainable.”
The filing marks a turn for one of the bedding industry’s most recognizable brands and comes amid an ongoing wave of consolidation across the mattress category. The company lists assets of between $500 million to $1 billion, and liabilities of between $1 billion and $10 billion.
Sleep Number said it expects to secure up to $260 million in debtor-in-possession financing, including up to $65 million in new financing, to support operations during the court-supervised process. The company said the financing, combined with cash generated through operations, is expected to provide sufficient liquidity while the sale process moves forward.
The company also sought to reassure customers and retail partners that business will continue as usual. Sleep Number stores remain open, its e-commerce platform continues to accept orders, and the company’s connected smart bed infrastructure and mobile app will remain operational.
The company has been working to improve performance through a broad turnaround strategy that included the largest product redesign in nearly a decade, the launch of a new integrated marketing campaign and efforts to reduce costs and improve profitability.
Findley said the agreement with Sleep Country Canada emerged following a review of strategic alternatives and a sale process designed to address the company’s financial challenges.
“We are confident that moving forward with the Sleep Country Canada agreement and this court-supervised sale process will enable us to address our financial constraints,” she said. “It will also position us to expand our business, helping more people achieve their best sleep both in the United States, and through future international expansion.”
For Sleep Country Canada, the transaction provides an opportunity to add Sleep Number’s proprietary smart bed technology and sleep wellness platform to its portfolio while expanding its presence in the U.S. market.
“We have long admired Sleep Number, its game-changing personalized sleep products and the talented team behind them,” said Stewart Schaefer, president and CEO of Sleep Country Canada. “Together, we see a tremendous opportunity to build on our complementary strengths and accelerate growth across the United States while introducing Sleep Number’s innovative sleep solutions to consumers in Canada and other markets.”
As part of the restructuring process, Sleep Number said it will continue evaluating its retail footprint. The company has filed a motion seeking court approval to reject leases associated with 44 non-operational locations that had already been closed and were not serving customers.
The company said its goal is to maintain as many retail locations as possible based on profitability.
June 11, 2026
Dow Inc. (DOW) Presents at 16th Annual Wells Fargo Industrials & Materials Conference Transcript
Jeffrey Tate
Chief Financial Officer
Great. Yes. Thanks, Mike, and I appreciate the opportunity to be here. So before we get into the Q&A, I’d just like to share some insights on the current macroeconomic backdrop, as well as Dow’s execution, as well as our financial position. So on the macro side, global demand across our key end markets remains largely consistent with our prior updates and the supply picture continues to favor both Dow as well as the industry. On execution, all three of Dow’s operating segments are performing well as the second quarter progresses. And as it relates to our financial position, Dow’s balance sheet is solid, and our self-help actions were designed to build a more agile and resilient company that outperforms peers across the cycle.
So turning to Slide 2. Let me start with the macro backdrop. We’re continuing to characterize the current environment as relatively stable on the demand side, but increasingly constrained and more complex on the supply side.
So far this quarter, we are seeing higher volumes when compared to the same period over the past several years. And specific to global polyethylene, which goes into essential applications like packaging for food preservation, demand remains resilient. And this is evidenced by our strong pricing actions continuing to take hold. Additionally, we are seeing stability in both consumer and infrastructure applications, largely due to typical seasonal demand uplifts that we expected. And while some reports are showing subdued consumer confidence in many regions, purchasing patterns tell a different story. Retail spending for do-it-yourself and coatings-related applications is stable going into traditionally high seasonal periods.
Now the one area that is showing signs of declining demand since April is across automotive markets as consumers continue to delay large purchases. And while high fuel prices are driving some increased interest in electric vehicles, we have not yet seen that translate into increased sales.
Now in terms of supply dynamics, a meaningful portion of global oil, ethylene and polyethylene capacity remains off-line, constrained or otherwise disrupted as a result of the ongoing conflict in the Middle East. Now given the scale of these supply constraints, we believe the fundamentals are increasingly supportive of tighter near- to medium-term markets. So a conflict resolution and subsequent reopening of the Strait of Hormuz would begin to restore supply, but the impact would not reverse overnight. With capacity disruptions and inventories depleted, it will take several quarters for supply chains to normalize and inventories to rebuild.
Additionally, significant infrastructure across the Middle East has been damaged, prolonging the impact of the conflict further out than the timing of any potential resolution. Rapidly escalating petrochemical prices have led to cautious buying behavior in select areas, which is to be expected. Global oil inventories are also rapidly declining, reaching multi-year lows following a large build throughout 2025. And as we enter peak demand season, stockpiles are being drawn down at a record pace and the world is quickly approaching operational floor levels. The Americas, however, remain advantaged. Dow continues to benefit from strong feedstock availability in the region, well-supplied natural gas markets and elevated oil-to-gas spreads, reinforcing the region’s structural cost advantage and increasing export opportunities.
So in summary, demand remains largely stable and supply dynamics remain constructive. Over time, this combination should further support the current constructive pricing and margin environment.
Now turning to Slide 3. Constructive industry dynamics paired with our differentiated portfolio positions Dow well to capture meaningful earnings upside, both from an operational and commercial standpoint. We’ve already seen positive momentum from our global pricing actions, but with that, it’s important to note that pricing still remains below prior peak levels despite what we would characterize as an unprecedented supply environment. So there is a disconnect between supply disruption and full price realization, which we expect to continue improving over time.
And this was evidenced in April when pricing in many parts of the portfolio settled stronger than consultant forecast. In our largest operating segment, Packaging & Specialty Plastics, roughly 80%, 8-0, of our portfolio is tied to higher value, more resilient applications. Global polyethylene demand remains robust, especially in the Americas. And while we saw some prebuying activity in Asia and Europe, it has been followed by normal customer purchasing behavior. Additionally, we have seen no change globally in our order books regarding order cancellations, which is a positive sign of underlying demand and support for future margin stability.
In addition to the price increase that was implemented in April, we have a $0.20 price increase announced for the month of June, supported by industry market dynamics and historically tight supply. At the same time, we’re maintaining flexibility on our asset base, including progressing planned maintenance on our Terneuzen 3 cracker, our lowest cost asset in the European region, which we anticipate restarting this month. The work was completed on budget and on an adjusted time line that supported both idling of the asset in mid-2025 and a subsequent restart in line with the regional market demand.
And in our Industrial Intermediates & Infrastructure segment, supply-demand dynamics remain constructive, supporting positive pricing momentum across key value chains, and our order books for the segment are strong relative to prior periods.
Performance Materials & Coatings is entering a seasonally stronger demand period, especially in coatings, where we expect both near-term volume growth and margin expansion. Additionally, we are making significant progress against one of our largest near-term self-help actions, the shutdown of our higher-cost siloxanes unit in Barry, United Kingdom, which we began last month. The team executed the work safely, on budget and several weeks ahead of schedule.
So looking across the entire Dow portfolio, our key differentiators continue to be our feedstock flexibility in Europe, our geographic and asset integration, especially in the cost advantage Americas and the agile regional supply chains we built in every business that allow us to adapt and respond quickly. That combination allows us to capture upside when conditions improve while maintaining discipline during periods of volatility. Going forward, we’re focused on executing with discipline, driving pricing in every business and in every geography and leveraging our structural advantages to deliver consistent performance.
So with all the puts and takes, we expect to deliver second quarter earnings of approximately $2.2 billion, which is above current consensus and roughly 10% above our prior guidance. This is largely driven by continued resilience in polyethylene demand and pricing as well as margin upside in Industrial Intermediates & Infrastructure.
Michael Sison
Wells Fargo Securities, LLC, Research Division
But anybody on the webcast, I am live on Bloomberg Messenger, if you do have a question, just send it to me. But I guess just let’s start with the better-than-expected 2Q, a little bit $200 million better than your initial guidance. Any color between the segments or the business units that is driving that upside?
Jeffrey Tate
Chief Financial Officer
Sure, Mike. Even when we announced our earnings back at the end of April, one of the things that we did highlight is that we saw more potential upside than we did downside to our original guide, which was $2 billion. And in that original guide, there were two key things that we felt like there could be that upside that will come to fruition. And we’re seeing this materialize really across the entire portfolio, but two things really stand out. Obviously, the strong pricing momentum that we captured not only from the $0.10 in March, but also the $0.30 in April that we were capturing, which was higher than consultant forecast at the time. Consultant forecast were projecting $0.20 for April. And so capturing that $0.30 gave us a little bit more upside.
But we also, in our Industrial Intermediates & Infrastructure segment because of tightness that you continue to see in the industry on supply, have seen both polyols and MDI, really capture some of that upside for 2Q as well. So when you think about it, consensus right now is at $2.1 billion, which more than likely captured a lot of that polyethylene pricing for April. But then that additional upside that we’re seeing above consensus right now is really driven by what we’re seeing coming out of our II&I segment for both polyols and MDI.
Michael Sison
Wells Fargo Securities, LLC, Research Division
Okay. We’ve seen price increases in MDI and the polyols side. Benzene is up though a lot. Is it the spread that has improved? Or is demand a little bit better?
Jeffrey Tate
Chief Financial Officer
Well, I would say, obviously, we’re going into a higher demand season, right, here. And for us, and this is more of an overall Dow statement, for second quarter, June is really that peak demand month for us, where we capture about 40% of our volume during the month of June for the second quarter. So we’re going to be going into that ramp of the high seasonal volumes in June, while at the same time, capturing a lot of the pricing activity that we had already in the marketplace for II&I, A lot of that driven again by the tightness of supply.
June 10, 2026
MDI/TDI antitrust lawsuit sees new progress as BASF and Covestro reach settlements
2026-06-10 09:11:05Source:ChemNet中文
Hartley LLP, a U.S. law firm, announced that in the antitrust litigation regarding polyurethane raw materials, following BASF’s lead in reaching a settlement, the plaintiffs have finalized a second settlement agreement with Covestro’s U.S. subsidiary.
Previously, BASF reached the first settlement with the plaintiffs, with a settlement amount of $3 million. The settlement amount related to Covestro this time was not disclosed, but it is reported to be several times that of the former. Both agreements are still subject to formal court approval. Jason Hartley, a partner at the law firm, stated that they will continue to advance claims against the remaining defendants.
Both parties submitted an application on May 4, 2026, requesting court approval for the BASF settlement agreement. According to the agreement, BASF will pay $3 million and cooperate with the plaintiffs’ related work in exchange for litigation immunity, although the company denies all related allegations. Shortly thereafter, on May 8, the plaintiffs completed the second settlement negotiations with Covestro’s U.S. subsidiary.
Court documents mentioned that the first settlement serves as an “ice-breaking move” in the case, which not only saves judicial resources but is also expected to prompt the remaining defendants to participate in negotiations.
Jurisdiction Ruled Several Times: Only Covestro’s U.S. Subcompany Involved in Litigation
Throughout the trial of this case, disputes over jurisdiction were constant. In January 2026, the U.S. District Court ruled to dismiss the lawsuit against Covestro’s parent company due to lack of jurisdiction. The court held that the independent legal personality of the enterprise should be respected, and relying solely on the parent-subsidiary relationship is insufficient to bring a foreign entity under the jurisdiction of U.S. courts.
However, this ruling does not apply to Covestro’s U.S. subsidiary, Covestro LLC, which remains a defendant in the case. The settlement agreement reached this time also targets only this U.S. subsidiary.
Case Origin: Filed in 2018 Accusing Companies of Conspiring to Raise Prices
This diisocyanate antitrust lawsuit (Case No.: 2:18-mc-01001) is being tried by the U.S. District Court for the Western District of Pennsylvania, and the case began in June 2018.
A group of MDI and TDI purchasers filed a class-action lawsuit, accusing BASF, Dow Chemical, Huntsman, and other chemical companies of colluding to limit production, using their market supply dominance and the lack of alternative product categories to conspire to manipulate prices and artificially inflate the market. All implicated companies have denied the allegations, stating that the lawsuit stems from a previous inconclusive investigation by the U.S. Department of Justice.
Tortuous Proceedings: Jurisdiction Disputes Fluctuated Repeatedly
The path of the case proceedings has been tortuous, with jurisdiction objections being the main point of contention:
In March 2020, the local judge dismissed jurisdiction objections raised by companies such as BASF, Covestro, Mitsui Chemicals, MCNS, and Wanhua Chemical, determining that existing evidence could support the continuation of the lawsuit, citing clues such as synchronized price increases, deliberate production stoppages and supply cuts, advance communication on pricing between companies, and private industry gatherings.
In 2022, the case was reassigned to a new presiding judge. After a review of facts related to jurisdiction, Covestro and Wanhua Chemical again filed motions to dismiss the lawsuit.
In January 2026, the court ruled again that it could not exercise jurisdiction over Covestro’s parent company and Wanhua Chemical, thus ending claims against the two foreign parent companies.
Plaintiff’s Statement: Comprehensive Value of Settlement Exceeds Continued Litigation
In the documents submitting the application for approval of the BASF settlement agreement, the plaintiffs stated that since the case was filed in 2018, there has been intense contention between the parties in various stages of the litigation, and it is anticipated that disputes will continue during the subsequent trial.
After a comprehensive assessment, it was concluded that this settlement plan can provide actual economic compensation to the participants of the class action. Combined with the cooperation of the defendants, the overall value far exceeds the various risks involved in continuing the litigation. Currently, the case is still ongoing, and its future direction remains pending court rulings and the strategic interplay of the parties involved.
June 10, 2026
US Existing Home Sales Unexpectedly Jumped In May, Inventories Surge
by Tyler Durden
Tuesday, Jun 09, 2026 – 10:11 AM
With the Spring selling season in tatters, existing home sales were expected to rebound in May very modestly (+1.1% MoM) off recent record lows, but instead they outperformed, rising at 3.2% MoM (and April’s 0.2% MoM rise was revised higher to a +0.7% MoM rise). That lifted existing home sales up 3.22% YoY – the strongest since September 2025…
Source: Bloomberg
That beat lifted existing home sales SAAR to its highest level of the year (but not exactly signaling a trend)…
Source: Bloomberg
“More Americans are on the move, with home sales rising to the highest level since December,” Lawrence Yun, NAR’s chief economist, said in a statement.
“This is great news for the housing market and the economy.”
Sellers are giving up some ground on price and “meeting buyers where they are,” Realtor.com said.
In May, the median sales price of an existing home climbed 1.3% from a year ago to $429,300, NAR data show.
Meantime, inventory rose slightly from a year ago to 1.55 million, the highest since July and representing 4.5 months of supply at the current sales pace.
Sales rose in the South, Northeast and Midwest from a month earlier, while they were unchanged in the West. In the Midwest, transactions reached 1 million, the highest pace since April 2023.
First-time buyers accounted for 35% of sales, compared with 33% a month earlier and 30% a year ago.
Finally, it appears home sales are catching up to the prior decline in mortgage rates (but we note that rates have been rising since)…
Source: Bloomberg
“Improving affordability is helping drive this momentum,” Yun said.
https://www.zerohedge.com/markets/us-existing-home-sales-unexpectedly-jumped-may-inventories-surge
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