US-based chemicals company Huntsman, Inc. has posted revenues of $2.5 billion for the three-month period ended June 30 compared with $2.4 billion for the same period in 2006. Revenues increased in its polyurethanes segment due to higher average selling prices and higher sales volumes and in its materials and effects segment, primarily due to the acquisition of its textile effects business in June 2006. Revenues also increased in the company’s performance products segment, due primarily to higher average selling prices and in its pigments segment due to higher sales volumes. Meanwhile, revenues decreased in its base chemicals segment.

Despite revenue increases, the company has reported second quarter net loss of $83.9 million compared with a prior-year profit of $262.9 million. Adjusted net income fell 5.1% to $76.1 million from $80.2 million.

On July 12 it entered into a definitive merger agreement with Hexion Specialty Chemicals, Inc. following which Hexion is to acquire all of the company’s common stock for $28 per share in cash. The total transaction is valued at $10.6 billion including the assumption of debt. Furthermore, on June 22, the company signed an amended and restated agreement with Flint Hills Resources through which it expects to close on the sale of its North American polymers business on or about August 1.