Huntsman sells India DIY consumer adhesives business in $285M deal

Oct. 28, 2020 4:21 PM ET|About: Huntsman Corporation (HUN)|By: Carl Surran, SA News Editor

Huntsman (NYSE:HUN) agrees to sell its India-based Do-It-Yourself consumer adhesives business, part of the Advanced Materials division, to Pidilite Industries for as much as $285M.

Under the deal terms, Huntsman will receive $257M in cash at closing and up to $28M under an earnout within 18 months if the business achieves sales revenue in-line with 2019.

“We have taken this business and built it from almost nothing to be a market leader in India,” Chairman, President and CEO Peter Huntsman says. “To take it to the next level of size and value, we simply do not have the footprint in India to do so.”

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