Huntsman Corporation reports developments tied to its global differentiated and specialty chemicals business. The company manufactures and markets products used by industrial and consumer-goods manufacturers, with operating areas that include Polyurethanes, Performance Products and Advanced Materials. Recurring updates cover earnings, segment performance, cash flow, common-stock dividends and annual meeting matters.
Company news also includes manufacturing and product-capacity developments, such as Performance Products investments for amine catalysts used in polyurethane, coatings, metalworking and electronics applications. Other recurring themes include demand conditions in end markets such as construction, automotive, durable goods and insulation, as well as executive leadership and corporate governance changes.
Huntsman Corporation (NYSE: HUN) announced that Sean Douglas, the Executive Vice President and Chief Financial Officer, will resign effective July 1, 2021, to pursue a full-time calling with The Church of Jesus Christ of Latter-day Saints. Peter Huntsman, Chairman and CEO, praised Douglas for his 30 years of service, noting his significant contributions to the company's financial strategy and product portfolio transition. The company is currently searching for a new CFO and aims to have someone in place by the resignation date.
Huntsman Corporation (NYSE: HUN) has declared a $0.1625 cash dividend per share on its common stock, payable on March 31, 2021, to stockholders of record by March 15, 2021. Additionally, the company will hold its 2021 Annual Meeting in a virtual format on April 28, 2021, due to ongoing COVID-19 health concerns, with eligibility for record holders as of March 4, 2021. Huntsman reported revenues of approximately $6 billion in 2020, operating over 70 facilities globally.
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Huntsman Corporation (NYSE: HUN) reported strong fourth quarter 2020 results, achieving $360 million in net income compared to $308 million year-over-year. Adjusted diluted earnings per share rose to $0.51 from $0.29. Revenue for the quarter was $1.668 billion, slightly up from $1.657 billion in Q4 2019. The company generated $157 million in adjusted free cash flow and maintained a solid balance sheet with $3 billion in liquidity. The acquisition of Gabriel Performance Products for $250 million and significant annualized savings targets bolster future growth.
Huntsman Corporation (NYSE: HUN) has completed its acquisition of Gabriel Performance Products for $250 million, enhancing its specialty chemicals portfolio. Gabriel, a manufacturer of specialty additives and epoxy curing agents, reported revenues of approximately $106 million in 2019. The transaction, funded through available liquidity, represents an adjusted EBITDA multiple of approximately 11 times, or 8 times considering synergies. This acquisition strengthens Huntsman's position in the coatings, adhesives, and composite markets.
Huntsman Corporation (NYSE: HUN) announced a conference call on February 12, 2021, at 10:00 a.m. ET to discuss its fourth quarter 2020 financial results. Results will be released at 6:00 a.m. ET on the same day. The call will be available via webcast, accessible through Huntsman’s investor relations website. The company reported approximately $7 billion in revenues for 2019, operating in over 30 countries with around 9,000 employees across four business divisions.
Huntsman Corporation (NYSE: HUN) has successfully sold around 42.4 million shares of Venator Materials PLC to SK Capital Partners, generating about $100 million in cash. This transaction includes an option for the sale of 9.7 million additional shares at $2.15 per share. Additionally, Huntsman will realize $150 million in immediate cash tax savings due to the sale, totaling approximately $250 million in cash benefits this year. CEO Peter Huntsman expressed confidence in Venator’s future as the markets strengthen.
Huntsman Corporation (NYSE: HUN) has revised its fourth quarter 2020 outlook, projecting an adjusted EBITDA increase of 20% to 25% year-over-year. Specifically, the Polyurethanes segment is expected to see over a 20% improvement from Q3 2020, driven by robust demand and higher MDI margins, particularly in Asia. Performance Products is anticipated to rise nearly 15% compared to Q3. Additionally, Huntsman plans to sell 42.5 million shares of Venator Materials and redeem €445 million in Senior Notes due 2021, reducing interest expenses by approximately $25 million annually.
Huntsman Corporation (NYSE: HUN) has announced an agreement to acquire Gabriel Performance Products for $250 million. This all-cash transaction, set to close in Q1 2021, aims to broaden Huntsman's portfolio in specialty chemicals, particularly in coatings and adhesives. Gabriel, which reported $106 million in revenue in 2019, offers unique toughening agents and additives. This acquisition, with an EBITDA multiple of 11 times, is expected to generate significant synergies and enhance Huntsman's competitiveness in North America.
Huntsman Corporation (NYSE: HUN) has successfully completed the sale of its India-based DIY consumer adhesives business to Pidilite Industries in an all-cash deal valued at approximately $257 million. The transaction, finalized on November 3, 2020, excludes working capital adjustments, with potential additional proceeds of up to $28 million based on future sales performance. This sale reflects a 15x multiple on the business's adjusted EBITDA from 2019, indicating strong valuation metrics.