The boards of directors of Clariant and Huntsman Corporation have reportedly approved a definitive agreement to combine the companies in a merger of equals through an all-stock transaction.
The merged company will be named HuntsmanClariant and will have sales of approximately US$13.2 billion, an adjusted EBITDA of US$2.3 billion and a combined enterprise value of approximately US$20 billion at announcement.
‘Clariant and Huntsman are joining forces to gain much broader global reach, create more sustained innovation power and achieve new growth opportunities,’ said Hariolf Kottmann, CEO of Clariant. ‘This is in the best interest of all of our stakeholders. Peter Huntsman and I share the same strategic vision and I look forward to working with him.’
‘I could not be more enthusiastic about this merger and look forward to working closely with Hariolf Kottmann, a man I have admired and trusted for the past decade,’ said Peter R Huntsman, president and CEO of Huntsman. ‘We also look forward to a close association with his immensely talented colleagues around the world. Together, we will create a global leader in specialty chemicals with a combined balance sheet providing substantial financial strength and flexibility.’
The transaction is targeted to close by the end of 2017, subject to Clariant and Huntsman shareholder approvals.
This story is reprinted from material from Clariant and Huntsman, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
