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Huntsman Q1 profit drops on higher expense
10 May '08
2 min read
On February 16, 2008, all of our outstanding mandatory convertible preferred stock converted into 12,082,475 shares of our common stock in accordance with the terms of the mandatory convertible preferred stock.
On April 7, 2008, we announced that Hexion Specialty Chemicals, Inc. had exercised its right to extend the Termination Date under our Merger Agreement with Hexion Specialty Chemicals Inc. by ninety days from April 5th to July 4th, 2008.
Under the terms of the Merger Agreement the $28.00 common share cash price to be paid by Hexion upon completion of the merger increases at the rate of 8% per annum beginning on April 6, 2008 (less any dividends declared or paid on or after April 6th).
Peter R. Huntsman, our President and CEO, stated:
“First quarter earnings were in line with our results for the fourth quarter and were achieved despite the continued escalation in prices for many of our raw material and feedstock, the continued decline in the value of the U.S. dollar as compared to the Euro and the impact on our customers, suppliers and employees from the uncertainties related to our pending merger.
In Polyurethanes, Adjusted EBITDA improved by over 10% as compared to the first quarter of last year as we continued to experience solid demand growth in MDI and selling prices have increased following recent global pricing announcements.
In Pigments, our results improved as compared to the trough conditions that we experienced in the second half of 2007. We are optimistic that these trends will continue as 2008 progresses. In addition, we are entering into a traditionally stronger seasonal period for many of our key product lines.
“With respect to the pending merger with Hexion, we continue to engage in constructive discussions with the antitrust agencies regarding the regulatory approvals required to close the transaction.
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On April 7, 2008, we announced that Hexion Specialty Chemicals, Inc. had exercised its right to extend the Termination Date under our Merger Agreement with Hexion Specialty Chemicals Inc. by ninety days from April 5th to July 4th, 2008.
Under the terms of the Merger Agreement the $28.00 common share cash price to be paid by Hexion upon completion of the merger increases at the rate of 8% per annum beginning on April 6, 2008 (less any dividends declared or paid on or after April 6th).
Peter R. Huntsman, our President and CEO, stated:
“First quarter earnings were in line with our results for the fourth quarter and were achieved despite the continued escalation in prices for many of our raw material and feedstock, the continued decline in the value of the U.S. dollar as compared to the Euro and the impact on our customers, suppliers and employees from the uncertainties related to our pending merger.
In Polyurethanes, Adjusted EBITDA improved by over 10% as compared to the first quarter of last year as we continued to experience solid demand growth in MDI and selling prices have increased following recent global pricing announcements.
In Pigments, our results improved as compared to the trough conditions that we experienced in the second half of 2007. We are optimistic that these trends will continue as 2008 progresses. In addition, we are entering into a traditionally stronger seasonal period for many of our key product lines.
“With respect to the pending merger with Hexion, we continue to engage in constructive discussions with the antitrust agencies regarding the regulatory approvals required to close the transaction.
Click here to view more:
Huntsman International LLC
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