Huntsman Announces Share Repurchase Program
THE WOODLANDS, Texas, Sept. 30, 2015 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) announced today that its board of directors has authorized the repurchase of up to $150 million of the company's common stock.
Peter R Huntsman, President and CEO, commented: "This share repurchase program is an expression of confidence in the company's long term future and ability to generate further shareholder value. We are reviewing our current capital plan for 2016 and 2017 and believe we can reduce capital expenditures and improve working capital commensurate with the costs of the repurchase program. As we complete our remaining cost reduction objectives of more than $100 million and complete various capital projects early next year, we will see the benefits of these measures as well."
Repurchases may be made from time to time through open market transactions, in privately negotiated transactions, accelerated share repurchase programs or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions. The share repurchase authorization does not have an expiration date and repurchases may be commenced, suspended or discontinued from time to time without prior notice.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood's performance additives and titanium dioxide businesses. 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 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation
Released September 30, 2015