Third Quarter 2013 Highlights
- Adjusted EBITDA was $376 million and includes record collective earnings for our non-Pigments divisions. This compares to $411 million in the prior year period and $304 million in the prior quarter.
- Adjusted diluted income per share was $0.54 compared to $0.73 in the prior year period and $0.39 in the prior quarter.
- Net income attributable to Huntsman Corporation was $64 million compared to net income of $116 million in the prior year period and net income of $47 million in the prior quarter.
- On October 1, 2013 we announced plans to restructure our Performance Products surfactants business in Europe. We expect to complete this restructuring by the end of 2014 and estimate the annual adjusted EBITDA benefit to be approximately $20 million.
- On September 17, 2013 we announced an agreement with Rockwood Holdings, Inc. to acquire their Performance Additives and Titanium Dioxide businesses for $1.1 billion in cash and the assumption of unfunded pension liabilities estimated at $225 million. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2014.
- On August 29, 2013 we announced the completion of the acquisition of Oxid, a privately-held manufacturer and marketer of specialty urethane polyols. We expect this business to contribute approximately $15 to $20 million of annual adjusted EBITDA.
Peter R. Huntsman, our President and CEO, commented:
"Our third quarter results were very strong, excluding results from our Pigments business our earnings improved compared to the previous year and quarter. Earnings within our Pigments business have been improving throughout the year and we are encouraged by industry trends. Earnings improved across all of our businesses compared to last quarter."
"During the quarter, we announced an agreement with Rockwood Holdings to acquire their Performance Additives and Titanium Dioxide businesses. We expect to pursue a public offering of our new combined Pigments business to allow greater investor focus and appreciation for our differentiated businesses.
"With improving market conditions and pro forma synergies in excess of $130 million we believe this acquisition will add significant shareholder value. We also closed on an acquisition within our Polyurethanes division which strengthens our downstream and specialty capabilities. Both of these transactions are immediately accretive to our earnings."
"We recently announced additional restructuring, specifically within our Performance Products business. The future EBITDA benefit of our companywide restructuring efforts is expected to be approximately $140 million; in addition to the approximate $100 million we have already achieved. I am encouraged by our third quarter results and am optimistic about our future prospects."
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