Huntsman Completes Repurchase Of 8.6 Million Shares Through An Accelerated Repurchase Program
THE WOODLANDS, Texas, Jan. 11, 2016 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) announced today that it has completed a previously announced $100 million accelerated share repurchase program of 8.6 million shares through an accelerated repurchase program with Citibank, N.A.
In September 2015, the Huntsman Board of Directors authorized the repurchase of $150 million of stock. The Company intends to utilize the remaining $50 million available under this authorization to purchase additional shares.
Peter R. Huntsman, President and CEO, commented:
"We remain committed to improving our free cash flow generation in 2016 by $350 million primarily through lower capital expenditures and restructuring expenses. We continue to pursue a separation of our TiO2 business through a spinoff transaction. During the period to complete the spinoff transaction we will continue to pursue other strategic options. In the meantime we are optimistic about the recent TiO2 price increase announcements. We also expect to deliver an additional $100 million of restructuring savings in 2016. 2015 was a transition year for us and we are excited to deliver improved performance in 2016."
Repurchases under the remaining authorized $50 million 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 January 11, 2016