Business & Policy

Huntsman Will Be Closing Sales Of Its Textile Effects Division

Published: February 21, 2023
Author: DIGITAL MEDIA EXECUTIVE

The Hunstman Corporation had announced that it has secured all the regulatory approvals which are required to complete the sale of the Textile Effects Division to Achroma (a portfolio company of SK Capital Partners). Both the parties are expecting the transaction to be closed by 28th February 2023.

The agreed purchase price was $593 million in cash with pension liabilities and a tax cash of $540 million. According the Peter Hunstaman, Chairman, President and CEO, “Our teams have been working diligently since we signed the purchase agreement last August to get this deal to closing and, when we secured approval from the Indian competition law authority last week, we quickly put the final steps in place to complete the transaction on the 28th February. I want to thank the more than 2,000 Huntsman associates for their incredible professionalism and effort to get us to this day.He further added by saying, “These associates and the Textile effects business they have so well served, will combine with Achroma to create the world’s leading textile chemicals an dyes company. I would also like to recognsie Barry Siadat and his SK management team for their commitment to complete this transaction”

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