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Huntsman Corp. is selling its butadiene business to Texas Petrochemicals (TPC) for $275 million. The sale includes a plant in Port Neches, Texas, that extracts butadiene from refinery C4 streams and manufactures methyl tert-butyl ether for refiners on a contract basis. The plant has the capacity to make 900 million lb of butadiene per year and 11,000 barrels of MTBE per day. The Huntsman business had revenues of about $626 million and earnings before taxes of $43 million in 2005. The purchase will give TPC, which specializes in upgrading C4 streams, about $1.7 billion in annual revenues. Huntsman obtained the Port Neches facility as part of its 1993 acquisition of Texaco Chemical. It intends to use the proceeds from the sale to fund its purchase of Ciba Specialty Chemicals' textile chemicals business. In a recent conference call, the company said that should it spin off its commodity chemicals business, it would likely do so in the second half of the year (C&EN, Feb. 27, page 9).
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