Huntsman Corporation

Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers like BMW, GE, Chevron, Procter & Gamble, Unilever and Walkaroo. With global headquarters in The Woodlands, Texas, it operates more than 60 manufacturing, R&D and operations facilities in over 25 countries and employ approximately 7,000 associates across three business divisions. Huntsman Corporation had 2023 revenues of approximately $6 billion.[1]

History

The Huntsman Corporation was initially founded as the Huntsman Container Corporation in 1970 by Alonzo Blaine Huntsman Jr. and his younger brother Jon Huntsman, Sr. It went public as the Huntsman Corporation on the New York Stock Exchange in February 2005. Huntsman has grown through a series of acquisitions (with some divestitures) and today is a manufacturer and marketer of differentiated and specialty chemical products.

Huntsman Building Solutions Created

Huntsman named its spray polyurethane foam (SPF) business as Huntsman Building Solutions (HBS) in May, 2020. The SPF business was formed when Huntsman acquired leading North American SPF company Icynene-Lapolla in February 2020 and combined it with Demilec, which Huntsman acquired in 2018. Huntsman is now the fifth largest insulation manufacturer in the world.[7]

Proposed merger with Clariant

In May 2017, Huntsman and Clariant announced that they would merge, as equals, forming a global leader in specialty chemicals with the deal valued at $20 billion.[8][9] Clariant shareholders would own 52% of the new entity, with Huntsman shareholders owning the remaining 48% of shares.[10][11]

The merger agreement was terminated on October 27, 2017.[12]

IPO of Venator

Huntsman Corporation spun-off its Pigments and Additives division as Venator Materials in an initial public offering on August 8, 2017.[13]

Venator became the owner of Huntsman's Titanium Dioxide and Performance Additives businesses, which offers products comprising a broad range of pigments and additives that add performance and color to many everyday items.

On May 14, 2023, Venator filed for Chapter 11 bankruptcy.[14]

Terminated takeover and Apollo suit

In June 2007, it was announced that Huntsman had agreed to be acquired by Access Industries, owned by the billionaire Len Blavatnik, for $5.88 billion in cash. Huntsman shareholders would receive $25.25 a share from Access Industries' chemical unit, Basell Holdings, based in Hoofddorp, Netherlands. Access would assume $3.7bn of Huntsman debt.

However, on July 12, 2007, the agreement was terminated as Huntsman agreed to be bought by Apollo Global Management for $6.51bn.[15] Huntsman filed a suit in Texas against Apollo and two partners, co-founders Leon Black and Josh Harris, after the group backed out of the deal to purchase the company in June 2008.[16] The suit alleged fraud against Apollo Management as Huntsman believed that the group never intended to allow its Hexion Specialty Chemicals unit to buy Huntsman Corp. for $6.5 billion. Huntsman also claimed Apollo put forth a higher bid to prevent the Basell AF buyout as it would have threatened Hexion's market share.

Starboard stake

Activist hedge fund Starboard disclosed a stake in the company in 2021.[19] The hedge fund owned more than 8% of Huntsman, roughly $500 million worth. Starboard did not succeed in gaining seats on the company's board, one of its goals, and decided to completely exit their position within Huntsman. [20]

type	Public
traded as	nyse: HUN Russell 1000 component
founder	Jon Huntsman Sr.
key people	Peter R. Huntsman (Chairman, President, and CEO)
industry	Chemicals
revenue	US$6.111 billion (2023)
num employees	7,000
num employees year	2023
foundation	1970
location	The Woodlands, Texas, U.S.
website	huntsman.com