The Woodlands, TX - Huntsman Corporation said today that its planned acquisition of the Ciba Specialty Chemicals Textile Effects business is moving ahead smoothly and is on schedule to close by the third quarter of 2006. The companies entered into a definitive purchase agreement in February of this year.
Peter R. Huntsman, President and CEO, said, “We are very pleased with the progress we are making toward closing the acquisition and look forward with great anticipation to making Textile Effects an integral part of our Differentiated Business portfolio. It will be a terrific complement to our existing formulations business and will provide us with new downstream technology and marketing platforms. “
Mr. Huntsman said the company will run the Textile Effects business in keeping with Huntsman’s long established philosophy of working closely with customers to develop market-driven innovations.
“The Textile Effects business is well known throughout the world for its unparalleled technical expertise, developing and manufacturing quality products and working closely with its customers,” said Mr. Huntsman. “Our intention is to build upon and enhance that reputation.”
Headquartered in Basel, Switzerland, the Textile Effects business manufactures a broad range of chemical and dye products that enhance the performance properties and color of finished textiles and materials. It serves over 10,000 customers located in 80 countries and is a leading global supplier of comprehensive solutions for the textile industry. The business has approximately 4,200 employees and operates eleven primary manufacturing facilities located in eight countries.
The proposed transaction is subject to anti-trust authorities’ approval in several jurisdictions worldwide.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture basic products for a variety of global industries
including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has 11,300 employees, 57 operations in 22 countries and had 2005 revenues of $13 billion.
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 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. Accordingly, there can be no assurance 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 securities and other applicable laws.