Flint Hills Resources buys Huntsman’s U.S. polymers business
Salt Lake City, Utah-based chemicals firm Huntsman Corporation has announced that it has closed on the sale of its ...
Salt Lake City, Utah-based chemicals firm Huntsman Corporation has announced that it has closed on the sale of its U.S. Polymers business to Wichita, Kans.-based Flint Hills Resources, LP. Huntsman received an estimated US$350 million, including the estimated value of associated inventory for its U.S. Polymers business.
The assets in the closing include four U.S. sites in Odessa and Longview, Tex.; Peru, Ill.; and Marysville, Mich. Huntsman’s also noted that the company’s amorphous polyalphaolefin (APAO) products, which Flint Hills will manufacture at the Odessa site under a long-term supply agreement, were not included in the sale.
The two companies said they would close the sale of Huntsman’s remaining U.S. Basic Chemicals business upon the restart of Huntsman’s olefins manufacturing facility in Port Arthur, Tex.
“Today’s acquisition is an important step for Flint Hills Resources as we seek opportunities to leverage our capabilities,” said Flint Hills president and CEO Brad Razook in a press release. “With the addition of these polymer production assets and the talented, experienced workforce, we believe we are positioned to create superior value for our customers and continue growing.”