Huntsman to Purchase TiO2 Business of Rockwood

Huntsman to Purchase TiO2 Business of Rockwood

Huntsman acquires Rockwood's performance additives and titanium dioxide (TiO2) businesses. Under the terms of the agreement Huntsman will pay approximately $1.1 billion in cash and assume unfunded pension liabilities estimated at $225 million as of June 30, 2013. The acquisition makes Huntsman the No. 2 player in the TiO2 and inorganic color pigments industry.

"In addition to creating a $3 billion pigments leader, we believe this public offering will allow greater investor focus and appreciation for our differentiated businesses," explained Peter R. Huntsman, president and CEO of Huntsman Corporation. "These remaining divisions continue to enjoy record financial performance and global growth.  We are well on our way to capturing the previously announced $220 million in annual savings through restructuring in our existing business and we have a number of capital projects underway that will increase our future earnings potential.  Reducing our financial leverage remains a priority and we expect to return to our debt/EBITDA target ratio of 2 to 2.5 times by 2015."