Foreign exchange rates impact Huntsman
18/02/2016
Average selling prices increased on a local currency basis but this was more than offset by the foreign currency exchange impact of a stronger US dollar primarily against the euro.
As a group, 2015 revenue for Huntsman Corporation was $93 million, compared with $323 million in the prior year.
CEO Peter Huntsman said: “In 2016, primarily as a result of lower priced oil and a lower global economic growth environment, we expect continued earnings pressure on our cyclical businesses. Growth from our differentiated businesses will offset cyclical pressure and inflationary costs such that we expect our earnings to be a similar amount to 2015.
“Importantly however, we expect our free cash flow generation to improve by $350 million in 2016 through lower capital expenditures, restructuring and maintenance. In 2016 we will continue to pursue actively a separation of our TiO2 business through a spinoff to shareholders or other strategic transaction.”
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