Welcome to our dedicated page for Huntsman news (Ticker: HUN), a resource for investors and traders seeking the latest updates and insights on Huntsman stock.
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) has entered an agreement to sell approximately 42.5 million shares of Venator Materials PLC for $100 million. An additional 9.5 million shares may be sold in 30 months at $2.15 per share. This transaction, pending regulatory approval, is expected to close by year-end. Huntsman anticipates cash tax savings of around $150 million, resulting in a total benefit of $250 million from this sale. This move is aimed at enhancing Huntsman's financial flexibility for future growth.
Huntsman Corporation (NYSE: HUN) has declared a cash dividend of $0.1625 per share, payable on September 30, 2020, to shareholders on record by September 15, 2020. In 2019, the company reported revenues of approximately $7 billion and operates over 70 facilities worldwide across four business divisions, employing around 9,000 associates. This dividend announcement highlights Huntsman's commitment to returning value to its shareholders amidst the economic uncertainties.
Huntsman Corporation reported a second-quarter 2020 net loss of $59 million or $0.28 per share, a decline from a profit of $118 million or $0.47 per share the prior year. Adjusted net loss for the quarter was $30 million, down from an adjusted net income of $108 million. Revenues fell 30% year-over-year to $1,247 million, attributed to lower sales volumes and prices across all segments due to the COVID-19 impact. Adjusted EBITDA decreased to $54 million from $245 million. The company maintains strong liquidity with $2.6 billion available and expects over $100 million in annualized synergies from recent acquisitions by end of 2021.
Huntsman Corporation announced on July 24, 2020, an expanded partnership with Azelis Americas CASE in the US and Azelis Canada. This agreement will enhance the distribution of Huntsman's Coatings, Adhesives, Sealants & Elastomers (CASE) business in North America, incorporating both its legacy products and the recently acquired CVC Thermoset Specialties line. The collaboration aims to strengthen market presence ahead of full operational capacity by October 1, 2020. Huntsman reported 2019 revenues around $7 billion, while Azelis generated $2.37 billion, serving approximately 40,000 customers globally.
Huntsman Corporation (NYSE: HUN) has updated its second quarter 2020 outlook, expecting sales to decline by 30-35% year-over-year. Improvements were noted from April to May, particularly in its Polyurethanes division driven by positive trends in China and U.S. construction. However, the Textiles Effects division faces challenges, predicting slightly negative adjusted EBITDA due to ongoing textile manufacturing shutdowns. Performance Products are anticipated to meet expectations, though the Advanced Materials division may underperform due to deeper recessions in Aerospace and international markets.
Huntsman Corporation (NYSE: HUN) announced the immediate appointment of Cynthia L. Egan and Sonia Dulá to its Board of Directors. With extensive backgrounds in financial services and investment management, both appointees enhance the board's expertise. Egan previously served at T. Rowe Price and Fidelity Investments, while Dulá held leadership roles at Bank of America and Merrill Lynch. The Huntsman Board now consists of ten directors, nine being independent, aiming to strengthen its decision-making capabilities.