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Huntsman Corp to not spin off Textile Effects business
20
Jan '17
Courtesy: Huntsman
Courtesy: Huntsman
US based Huntsman Corporation has decided to retain the Textile Effects business and exclude it from the planned carving out of the Pigments and Additives business, which will be called Venator Materials Corporation. The decision to not spin off the Textile Effects business was taken following the recovery of the Pigments and Additives business.

According to Huntsman, recovery of titanium dioxide prices and the identification of business improvement opportunities, which will generate more than $75 million in annual EBITDA, are expected to expand the financial strength of Venator Materials.

Venator shares will be traded on the New York Stock Exchange after the share distribution to Huntsman's shareholders, which may be completed in the second quarter of 2017.

“Improved titanium dioxide pricing combined with the identification of business improvement opportunities that are incremental to current earnings are expected to more than offset the free cash flow that Venator would have received from the Textile Effects business," CEO at Huntsman Peter Huntsman said. (AR)

Fibre2Fashion News Desk – India


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