2014

Huntsman Releases Third Quarter 2013 Results; Adjusted EBITDA Improves In All Divisions Compared To Last Quarter

THE WOODLANDS, Texas, Oct. 29, 2013 /PRNewswire/ --

Third Quarter 2013 Highlights

  • Adjusted EBITDA was $376 million and includes record collective earnings for our non-Pigments divisions. This compares to $411 million in the prior year period and $304 million in the prior quarter.
  • Adjusted diluted income per share was $0.54 compared to $0.73 in the prior year period and $0.39 in the prior quarter.
  • Net income attributable to Huntsman Corporation was $64 million compared to net income of $116 million in the prior year period and net income of $47 million in the prior quarter.
  • On October 1, 2013 we announced plans to restructure our Performance Products surfactants business in Europe. We expect to complete this restructuring by the end of 2014 and estimate the annual adjusted EBITDA benefit to be approximately $20 million.
  • On September 17, 2013 we announced an agreement with Rockwood Holdings, Inc. to acquire their Performance Additives and Titanium Dioxide businesses for $1.1 billion in cash and the assumption of unfunded pension liabilities estimated at $225 million. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2014.
  • On August 29, 2013 we announced the completion of the acquisition of Oxid, a privately-held manufacturer and marketer of specialty urethane polyols. We expect this business to contribute approximately $15 to $20 million of annual adjusted EBITDA.


Three months ended


Nine months ended



September 30,


June 30,


September 30,

In millions, except per share amounts, unaudited


2013


2012


2013


2013


2012












Revenues


$    2,842


$    2,741


$    2,830


$    8,374


$    8,568












Net income attributable to Huntsman Corporation


$        64


$      116


$        47


$        87


$      403

Adjusted net income(1)


$      132


$      176


$        94


$      272


$      509












Diluted income per share


$     0.26


$     0.48


$     0.19


$     0.36


$     1.68

Adjusted diluted income per share(1)


$     0.54


$     0.73


$     0.39


$     1.12


$     2.12












EBITDA(1)


$      303


$      341


$      249


$      664


$    1,083

Adjusted EBITDA(1)


$      376


$      411


$      304


$      900


$    1,194












See end of press release for footnote explanations








Huntsman Corporation (NYSE: HUN) today reported third quarter 2013 results with revenues of $2,842 million and adjusted EBITDA of $376 million

Peter R. Huntsman, our President and CEO, commented:

"Our third quarter results were very strong, excluding results from our Pigments business our earnings improved compared to the previous year and quarter.  Earnings within our Pigments business have been improving throughout the year and we are encouraged by industry trends. Earnings improved across all of our businesses compared to last quarter.

"During the quarter, we announced an agreement with Rockwood Holdings to acquire their Performance Additives and Titanium Dioxide businesses.  We expect to pursue a public offering of our new combined Pigments business to allow greater investor focus and appreciation for our differentiated businesses.  With improving market conditions and pro forma synergies in excess of $130 million we believe this acquisition will add significant shareholder value.   We also closed on an acquisition within our Polyurethanes division which strengthens our downstream and specialty capabilities.   Both of these transactions are immediately accretive to our earnings.

"We recently announced additional restructuring, specifically within our Performance Products business.  The future EBITDA benefit of our companywide restructuring efforts is expected to be approximately $140 million; in addition to the approximate $100 million we have already achieved.  I am encouraged by our third quarter results and am optimistic about our future prospects."

Segment Analysis for 3Q13 Compared to 3Q12

Polyurethanes

The increase in revenues in our Polyurethanes division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to higher sales volumes partially offset by lower average selling prices and unfavorable change in sales mix.  MDI sales volumes increased as a result of improved demand in all regions and across most major markets.  PO/MTBE sales volumes increased due to strong demand.  PO/MTBE average selling prices decreased primarily due to less favorable market conditions partially offset by an increase in MDI average selling prices in the Americas and the strength of the euro against the U.S. dollar.  The decrease in adjusted EBITDA was primarily due to lower PO/MTBE earnings (third quarter 2012 benefited approximately $30 million from industry supply outages) and the impact of the extended force majeure at our MDI facility in Rotterdam, The Netherlands (approximate $10 million impact on the third quarter 2013).

Performance Products

The increase in revenues in our Performance Products division for the three months ended September 30, 2013 compared to the same period in 2012 was due to higher average selling prices and higher sales volumes.  Average selling prices increased primarily in response to higher raw material costs and the strength of the euro against the U.S. dollar.  Sales volumes increased primarily due to higher sales of maleic anhydride and amines, partially offset by lower surfactant sales.  The increase in adjusted EBITDA was primarily due to higher sales volumes and higher margins.

Advanced Materials

The decrease in revenues in our Advanced Materials division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to lower sales volumes, partially offset by higher average selling prices.  Sales volumes decreased in all regions primarily as a result of weak demand and increased competition in base resins and a focus on higher value component and formulations sales such as aerospace and transportation and industrial markets.  Average selling prices increased in all regions primarily in response to higher raw materials costs and improved sales mix.  The increase in adjusted EBITDA was primarily due to higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.

Textile Effects

The increase in revenues in our Textile Effects division for the three months ended September 30, 2013 compared to the same period in 2012 was due to higher sales volumes and higher average selling prices partially offset by the strength of the U.S. dollar primarily against the Indian rupee.  Sales volumes increased primarily due to increased market share in key countries.  Average selling prices increased primarily in response to higher raw material costs.  The increase in adjusted EBITDA was primarily due to higher sales volumes, higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.

Pigments

The decrease in revenues in our Pigments division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to lower average selling prices partially offset by higher sales volumes.  Average selling prices decreased in all regions of the world primarily as a result of high industry inventory levels partially offset by the strength of the euro against the U.S. dollar.  Sales volumes increased primarily due to higher end-use demand.  The decrease in adjusted EBITDA was primarily due to lower contribution margins partially offset by higher sales volumes and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.

Corporate, LIFO and Other

Adjusted EBITDA from Corporate, LIFO and Other decreased by $6 million to a loss of $44 million for the three months ended September 30, 2013 compared to a loss of $38 million for the same period in 2012.  The decrease in adjusted EBITDA was primarily the result of a decrease in unallocated foreign currency gain (nil in 2013 compared to $4 million gain in 2012).

Liquidity, Capital Resources and Outstanding Debt

As of September 30, 2013 we had $1,005 million of combined cash and unused borrowing capacity compared to $887 million at December 31, 2012.

On August 22, 2013, we entered into an amendment of our senior credit facilities that provided for additional term loans of $100 million.  The net proceeds were be used for general corporate purposes.

On October 15, 2013, we entered into an amendment to our senior credit facilities that provides for a new seven year term loan of $1.2 billion as well as an increase in our existing revolving credit facility by $200 million to $600 million. We have secured commitments from a group of financial institutions to provide this term loan and expanded revolving credit facility. This new financing is expected be funded when we complete the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc.

Total capital expenditures for the quarter ended September 30, 2013 were $114 million and for the nine months ended September 30, 2013 were $295 million.  We expect to spend approximately $450 million on capital expenditures in 2013.

Income Taxes

During the three months ended September 30, 2013 we recorded income tax expense of $81 million and paid $14 million in cash for income taxes.  Our adjusted effective income tax rate for the three months and year to date ended September 30, 2013 were approximately 39% and 36% respectively.  During the third quarter of 2013 we experienced higher earnings in the U.S. and lower earnings in Europe where we have tax valuation allowances.  We expect our full year 2013 adjusted effective tax rate to be approximately 36% primarily due to the effect of tax valuation allowances and our regional mix of income.  We expect our long term effective income tax rate to be approximately 30 - 35%.

Earnings Conference Call Information

We will hold a conference call to discuss our third quarter 2013 financial results on Tuesday, October 29, 2013 at 10:00 a.m. ET.

Call-in numbers for the conference call:

U.S. participants

(888) 679 - 8018

International participants

(617) 213 - 4845

Passcode

57714845

In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to:

https://www.theconferencingservice.com/prereg/key.process?key=PR8XJDDTW

Webcast Information

The conference call will be available via webcast and can be accessed from the investor relations portion of the company's website at huntsman.com.

Replay Information

The conference call will be available for replay beginning October 29, 2013 and ending November 5, 2013.

Call-in numbers for the replay:

U.S. participants

(888) 286 - 8010

International participants 

(617) 801 - 6888

Replay code 

71074124

 

 

Table 1 -- Results of Operations





















Three months ended


Nine months ended



September 30,


September 30,

In millions, except per share amounts, unaudited


2013


2012


2013


2012










Revenues


$    2,842


$    2,741


$    8,374


$    8,568

Cost of goods sold


2,335


2,204


7,067


6,954

Gross profit


507


537


1,307


1,614

Operating expenses


272


255


808


792

Restructuring, impairment and plant closing costs


37


47


110


52

Operating income


198


235


389


770

Interest expense, net


(48)


(56)


(146)


(172)

Equity in income of investment in unconsolidated affiliates


3


2


6


5

Loss on early extinguishment of debt


-


(1)


(35)


(2)

Other income


-


1


2


2

Income before income taxes


153


181


216


603

Income tax expense


(81)


(61)


(105)


(186)

Income from continuing operations


72


120


111


417

Loss from discontinued operations, net of tax(2)


(2)


(1)


(4)


(7)

Extraordinary gain on the acquisition of a business, net of tax of nil


-


1


-


1

Net income


70


120


107


411

Net income attributable to noncontrolling interests, net of tax


(6)


(4)


(20)


(8)

Net income attributable to Huntsman Corporation


$        64


$      116


$        87


$      403



















Adjusted EBITDA(1)


$      376


$      411


$      900


$    1,194










Adjusted net income(1)


$      132


$      176


$      272


$      509



















Basic income per share


$     0.27


$     0.49


$     0.36


$     1.70

Diluted income per share


$     0.26


$     0.48


$     0.36


$     1.68

Adjusted diluted income per share(1)


$     0.54


$     0.73


$     1.12


$     2.12










Common share information:









Basic shares outstanding


239.8


237.9


239.5


237.4

Diluted shares


242.5


240.8


242.1


240.3

Diluted shares for adjusted diluted income per share


242.5


240.8


242.1


240.3










See end of press release for footnote explanations

 

 

Table 2 -- Results of Operations by Segment





















Three months ended


Nine months ended





September 30,


Better /


June 30,


Better /


September 30,


Better /

In millions, unaudited


2013


2012


(Worse)


2013


(Worse)


2013


2012


(Worse)


















Segment Revenues:

















Polyurethanes


$    1,306


$    1,237


6%


$    1,246


5%


$    3,734


$    3,712


1%

Performance Products


779


750


4%


777


----


2,278


2,342


(3)%

Advanced Materials


309


328


(6)%


321


(4)%


966


1,014


(5)%

Textile Effects


198


182


9%


216


(8)%


602


562


7%

Pigments


310


319


(3)%


334


(7)%


974


1,150


(15)%

Eliminations and other


(60)


(75)


20%


(64)


6%


(180)


(212)


15%


















Total


$    2,842


$    2,741


4%


$    2,830


----


$    8,374


$    8,568


(2)%


















Segment Adjusted EBITDA(1):
















Polyurethanes


$      215


$      243


(12)%


$      174


24%


$      567


$      598


(5)%

Performance Products


122


109


12%


111


10%


287


288


----

Advanced Materials


39


31


26%


32


22%


98


90


9%

Textile Effects


8


(9)


NM


3


167%


8


(21)


NM

Pigments


36


75


(52)%


33


9%


78


361


(78)%

Corporate, LIFO and other


(44)


(38)


(16)%


(49)


10%


(138)


(122)


(13)%


















Total


$      376


$      411


(9)%


$      304


24%


$      900


$    1,194


(25)%


















See end of press release for footnote explanations




NM—Not meaningful


















 

 

Table 3 -- Factors Impacting Sales Revenue


















Three months ended




September 30, 2013 vs. 2012




Average Selling Price(a)










Local


Exchange


Sales Mix


Sales




Unaudited


Currency


Rate


& Other


Volume(b)


Total














Polyurethanes


(3)%


1%


(2)%


10%


6%


Performance Products


1%


1%


----


2%


4%


Advanced Materials


8%


----


1%


(15)%


(6)%


Textile Effects


4%


(1)%


----


6%


9%


Pigments


(24)%


1%


----


20%


(3)%


Total Company


(3)%


1%


(1)%


7%


4%
















Nine months ended




September 30, 2013 vs. 2012




Average Selling Price(a)










Local


Exchange


Sales Mix


Sales




Unaudited


Currency


Rate


& Other


Volume(b)


Total














Polyurethanes


----


----


----


1%


1%


Performance Products


2%


----


----


(5)%


(3)%


Advanced Materials


4%


(1)%


1%


(9)%


(5)%


Textile Effects


1%


(1)%


----


7%


7%


Pigments


(24)%


----


----


9%


(15)%


Total Company


(2)%


----


----


----


(2)%














(a) Excludes revenues from tolling arrangements, by-products and raw materials.



(b) Excludes sales volumes of by-products and raw materials.

 

 

Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures









































 Income Tax 


 Net Income 


 Diluted Income 



 EBITDA 


 Expense 


 Attrib. to HUN Corp. 


 Per Share 



Three months ended


Three months ended


Three months ended


Three months ended



September 30,


September 30,


September 30,


September 30,

In millions, except per share amounts, unaudited


2013


2012


2013


2012


2013


2012


2013


2012


















GAAP(1)


$      303


$      341


$      (81)


$      (61)


$       64


$      116


$     0.26


$     0.48

Adjustments:

















Acquisition expenses and purchase accounting inventory adjustments


9


1


(1)


-


8


1


0.03


-

Loss on initial consolidation of subsidiaries


-


4


-


-


-


4


-


0.02

Loss from discontinued operations, net of tax(2)


2


-


 N/A 


 N/A 


2


1


0.01


-

Discount amortization on settlement financing associated with the
     terminated merger


 N/A 


 N/A 


-


(3)


2


5


0.01


0.02

Loss on early extinguishment of debt


-


1


-


(1)


-


-


-


-

Extraordinary gain on the acquisition of a business, net of tax


-


(1)


 N/A 


 N/A 


-


(1)


-


-

Certain legal settlements and related expenses


-


4


-


(2)


-


2


-


0.01

Amortization of pension and postretirement actuarial losses


19


10


(2)


(2)


17


8


0.07


0.03

Restructuring, impairment and plant closing and transition costs


43


51


(4)


(11)


39


40


0.16


0.17


















Adjusted(1)


$      376


$      411


$      (88)


$      (80)


$      132


$      176


$     0.54


$     0.73


















Adjusted income tax expense










88


80





Net income attributable to noncontrolling interests, net of tax










6


4






















Adjusted pre-tax income(1)










$      226


$      260






















Adjusted effective tax rate










39%


31%













































 Income Tax 


 Net Income 


 Diluted Income 



 EBITDA 


Expense


 Attrib. to HUN Corp. 


 Per Share 



Three months ended


Three months ended


Three months ended


Three months ended



June 30,


June 30,


June 30,


June 30,

In millions, except per share amounts, unaudited


2013


2013


2013


2013


















GAAP(1)


$      249




$      (44)




$       47




$     0.19



Adjustments:

















Acquisition expenses and purchase accounting inventory adjustments


2




-




2




0.01



Income from discontinued operations, net of tax(2)


(2)




 N/A 




-




-



Discount amortization on settlement financing associated with the
     terminated merger


 N/A 




(1)




1




0.01



Certain legal settlements and related expenses


6




(1)




5




0.02



Amortization of pension and postretirement actuarial losses


18




(4)




14




0.06



Restructuring, impairment and plant closing and transition costs


31




(6)




25




0.10




















Adjusted(1)


$      304




$      (56)




$       94




$     0.39




















Adjusted income tax expense










56







Net income attributable to noncontrolling interests, net of tax










7
























Adjusted pre-tax income(1)










$      157
























Adjusted effective tax rate










36%















































 Income Tax 


 Net Income 


 Diluted Income 



 EBITDA 


 Expense 


 Attrib. to HUN Corp. 


 Per Share 



Nine months ended


Nine months ended


Nine months ended


Nine months ended



September 30,


September 30,


September 30,


September 30,

In millions, except per share amounts, unaudited


2013


2012


2013


2012


2013


2012


2013


2012


















GAAP(1)


$      664


$   1,083


$     (105)


$     (186)


$       87


$      403


$     0.36


$     1.68

Adjustments:

















Acquisition expenses and purchase accounting inventory adjustments


14


2


(2)


-


12


2


0.05


0.01

Loss on initial consolidation of subsidiaries


-


4


-


-


-


4


-


0.02

Loss from discontinued operations, net of tax(2)


3


4


 N/A 


 N/A 


4


7


0.02


0.03

Discount amortization on settlement financing associated with the
     terminated merger


 N/A 


 N/A 


(2)


(8)


5


15


0.02


0.06

Loss on early extinguishment of debt


35


2


(13)


(1)


22


1


0.09


-

Extraordinary gain on the acquisition of a business, net of tax


-


(1)


 N/A 


 N/A 


-


(1)


-


-

Certain legal settlements and related expenses


8


5


(2)


(2)


6


3


0.02


0.01

Amortization of pension and postretirement actuarial losses


56


31


(13)


(6)


43


25


0.18


0.10

Restructuring, impairment and plant closing and transition costs


120


64


(27)


(14)


93


50


0.38


0.21


















Adjusted(1)


$      900


$   1,194


$     (164)


$     (217)


$      272


$      509


$     1.12


$     2.12


















Adjusted income tax expense










164


217





Net income attributable to noncontrolling interests, net of tax










20


8






















Adjusted pre-tax income(1)










$      456


$      734






















Adjusted effective tax rate










36%


30%






















See end of press release for footnote explanations























 

 

Table 5 -- Reconciliation of Net Income (Loss) to EBITDA

























Three months ended


 Nine months ended 



September 30,


June 30,


 September 30, 

In millions, unaudited


2013


2012


2013


2013


2012












Net income attributable to Huntsman Corporation


$        64


$      116


$        47


$        87


$      403

Interest expense, net


48


56


47


146


172

Income tax expense from continuing operations


81


61


44


105


186

Income tax expense (benefit) from discontinued operations(2)


-


-


2


-


(2)

Depreciation and amortization of continuing operations


110


107


109


325


319

Depreciation and amortization of discontinued operations(2)


-


1


-


1


5












EBITDA(1)


$      303


$      341


$      249


$      664


$    1,083












See end of press release for footnote explanations












 

 

Table 6 -- Selected Balance Sheet Items




















September 30,


June 30,


December 31,


In millions


2013


2013


2012




(unaudited)


(unaudited)












Cash


$            406


$            181


$            396


Accounts and notes receivable, net


1,703


1,714


1,583


Inventories


1,695


1,698


1,819


Other current assets


322


339


321


Property, plant and equipment, net


3,745


3,613


3,745


Other assets


1,150


1,109


1,020










Total assets


$         9,021


$         8,654


$         8,884










Accounts payable


$         1,034


$            996


$         1,102


Other current liabilities


768


778


791


Current portion of debt


295


317


288


Long-term debt


3,574


3,454


3,414


Other liabilities


1,387


1,266


1,393


Total equity


1,963


1,843


1,896










Total liabilities and equity


$         9,021


$         8,654


$         8,884

















 

Table 7 -- Outstanding Debt
























September 30,


June 30,


December 31,



In millions


2013


2013


2012





(unaudited)


(unaudited)














Debt:









Senior credit facilities


$         1,701


$         1,599


$         1,565



Accounts receivable programs


244


239


241



Senior notes


646


646


568



Senior subordinated notes


891


892


892



Variable interest entities


256


259


270



Other debt


131


136


166












Total debt - excluding affiliates


3,869


3,771


3,702












Total cash


406


181


396












Net debt- excluding affiliates


$         3,463


$         3,590


$         3,306










 

 

Table 8 -- Summarized Statement of Cash Flows




















Three months ended


Nine months ended




September 30,


September 30,


In millions, unaudited


2013


2013


2012










Total cash at beginning of period


$                 181


$      396


$      562










Net cash provided by operating activities


390


388


556


Net cash used in investing activities


(206)


(388)


(299)


Net cash provided by (used in) financing activities


39


12


(378)


Effect of exchange rate changes on cash


2


(2)


2


Change in restricted cash


-


-


1










Total cash at end of period


$                 406


$      406


$      444










Supplemental cash flow information:








Cash paid for interest


$                  (57)


$     (152)


$     (177)


Cash paid for income taxes


(14)


(60)


(153)


Cash paid for capital expenditures


(114)


(295)


(248)


Depreciation & amortization


110


326


324










Changes in primary working capital:








Accounts and notes receivable


40


(146)


(102)


Inventories


39


118


(252)


Accounts payable


42


(18)


122










Total cash provided by (used on) primary working capital


$                 121


$       (46)


$     (232)









 

Footnotes



(1)

 We use EBITDA and adjusted EBITDA to measure the operating performance of our business.  We provide adjusted net income because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) attributable to Huntsman Corporation is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to EBITDA, adjusted EBITDA and adjusted net income.  Additional information with respect to our use of each of these financial measures follows:




EBITDA is defined as net income (loss) attributable to Huntsman Corporation before interest, income taxes, and depreciation and amortization. EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies. The reconciliation of EBITDA to net income (loss) attributable to Huntsman Corporation is set forth in Table 5 above.




Adjusted EBITDA is computed by eliminating the following from EBITDA:  acquisition expenses and purchase accounting inventory adjustments; loss (gain) on initial consolidation of subsidiaries; EBITDA from discontinued operations; loss (gain) on disposition of businesses/assets; loss on early extinguishment of debt; extraordinary loss (gain) on the acquisition of a business; certain legal settlements and related expenses; amortization of pension and postretirement actuarial losses (gains); and restructuring, impairment, plant closing and transition costs (credits).  The reconciliation of adjusted EBITDA to EBITDA is set forth in Table 4 above.




Adjusted net income (loss) is computed by eliminating the after tax impact of the following items from net income (loss) attributable to Huntsman Corporation: acquisition expenses and purchase accounting inventory adjustments; loss (gain) on initial consolidation of subsidiaries; loss (income) from discontinued operations; discount amortization on settlement financing associated with the terminated merger; loss (gain) on disposition of businesses/assets; loss on early extinguishment of debt; extraordinary loss (gain) on the acquisition of a business; certain legal settlements and related expenses; amortization of pension and postretirement actuarial losses (gains); and restructuring, impairment, plant closing and transition costs (credits).   We do not adjust for changes in tax valuation allowances because we do not believe it provides more meaningful information than is provided under GAAP.  The reconciliation of adjusted net income (loss) to net income (loss) attributable to Huntsman Corporation common stockholders is set forth in Table 4 above.



(2)

During the first quarter 2010 we closed our Australian styrenics operations; results from this business are treated as discontinued operations. 

About Huntsman:

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2012 revenues of over $11 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets.  We operate more than 75 manufacturing and R&D facilities in over 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions.  For more information about Huntsman, please visit the company's website at www.huntsman.com.

Forward Looking Statements:

Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors.  In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.

SOURCE Huntsman Corporation



RELATED LINKS
http://www.huntsman.com

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