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Huntsman receives termination fee from Hexion Specialty
20 Dec '08
2 min read
Huntsman Corporation announced it has received the $325 million termination fee provided for in the Merger Agreement between Huntsman and Hexion Specialty Chemicals, Inc. ("Hexion"). Hexion committed to pay the termination fee in connection with the previously announced $1 billion settlement between Huntsman and Hexion, Apollo Management, L.P. ("Apollo") and certain of its affiliates.
Huntsman expects to receive another $250 million payment from Apollo affiliates and a further $250 million payment upon issuance of 10 year Huntsman convertible notes to Apollo on or before December 31, 2008. The remaining $175 million of payments must be made on or before March 31, 2009.
Huntsman's President and CEO Peter R. Huntsman stated, "Receipt of these proceeds will enhance the strength of Huntsman's balance sheet and better position our company to prosper during the current turbulence in the global economy."
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion.
Huntsman expects to receive another $250 million payment from Apollo affiliates and a further $250 million payment upon issuance of 10 year Huntsman convertible notes to Apollo on or before December 31, 2008. The remaining $175 million of payments must be made on or before March 31, 2009.
Huntsman's President and CEO Peter R. Huntsman stated, "Receipt of these proceeds will enhance the strength of Huntsman's balance sheet and better position our company to prosper during the current turbulence in the global economy."
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion.
Huntsman Corporation
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