Flint Hill Resources buying Huntsmans commodities business
Chemical supplier Huntsman Corporation has sold its U.S. base chemicals and polymers business to Flint Hills Resour...
Chemical supplier Huntsman Corporation has sold its U.S. base chemicals and polymers business to Flint Hills Resources (FHR), a subsidiary of Koch Industries Inc., in a deal valued at more than $750 million.
The transaction is expected to close during the third quarter 2007, subject to regulatory approvals and other closing conditions.
The transaction includes Huntsmans olefins and polymers manufacturing plants in Port Arthur, Odessa and Longview, Tex.; Peru, Ill.; and Marysville, Mich. These facilities, which employ approximately 900 workers, recorded combined annuals sales of $2.3 billion in 2006.
The transaction does not include Huntsmans Port Neches, Tex. captive ethylene unit.
These assets offer us new opportunities for continued growth and diversification, as well as for creating customer value, Brad Razook, president and CEO of FHR, said. Once the acquisition concludes, we expect to position these plants for long-term success in the ever-changing global market.
Headquartered in Salt Lake City, Utah, Huntsman has 14,000 employees and over 75 operations in 24 countries. The company reported total revenues of $13 billion in 2006.
Based in Wichita, Ks., FHR is a petrochemical product manufacturer.