August 7, 2019 / 11:53 PM / 2 months ago

Huntsman to sell two units to Thai-based Indorama Ventures for $2.08 billion

FILE PHOTO: A screen displays trading information for Huntsman Corp. on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 22, 2017. REUTERS/Brendan McDermid

(Reuters) - Chemical products manufacturer Huntsman Corp (HUN.N) said it has entered a deal to sell its chemical intermediates and surfactants businesses to Thailand-based Indorama Ventures PCL (IVL.BK) for about $2.08 billion.

The deal value includes $2 billion in cash and up to about $76 million in “net underfunded pension” and “post-employment benefit liabilities”, the company said on Wednesday.

Huntsman said it intends to speed up its share repurchases under its existing $1 billion multi-year authorization after the deal closes.

The deal, which is expected to close by the end of the year, will see chemical firm Indorama Ventures buy Huntsman’s manufacturing facilities located in parts of Texas, India and Australia.

Huntsman said it was advised by Bank of America Merrill Lynch and Kirkland & Ellis LLP.

Reporting by Kanishka Singh in Bengaluru; editing by Nate Raymond and Grant McCool

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