Huntsman Completes Sale, Promises More

Huntsman Corp. has completed the sale of its European commodity chemicals business to Saudi Basic Industries Corp. (SABIC) for a total of $810 million. Huntsman received $685 million in cash, and SABIC assumed about $126 million in pension liabilities. Huntsman had considered an initial public offering of its commodity chemicals business but decided instead on a series of divestitures. The company now says it generates 80% of its sales from its specialty chemicals product lines. CEO Peter R. Huntsman adds that a sale of its North American polymers and basic chemicals business will come soon. "Having received greater than anticipated interest from potential buyers, we now plan on making an announcement in the next few weeks," he says.