Huntsman to acquire Rockwood’s TiO2 business
18/09/2013
“We anticipate TiO2 demand will continue to recover in the coming quarters, and during this time we will be focused on strengthening our pigments business and capturing approximately $130 million in expected annual cost savings, to be fully achieved by the end of 2015," said Peter Huntsman, CEO of Huntsman.
"We plan to further unlock value through a public offering of our new combined pigments business, which we expect t o pursue within two years of completing this acquisition. This will allow greater investor focus and appreciation for our differentiated businesses. These remaining divisions continue to enjoy record financial performance and global growth."
The deal - for $1.1 billion in cash and pension liabilities estimated at $225 million - is expected to close in the first half of 2014.
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