Huntsman Corporation (HUN) Tuesday announced plans to review strategic options for its Textile Effects Division.
The Board of Directors has authorized management to conduct a strategic review of the Textile Effects Division, which is headquartered in Singapore, including a possible sale of the division. The review will begin early in the first quarter of 2022.
“We have been transparent about our continued evaluation of divestment opportunities that are both in line with our strategic goals and in the best interests of our shareholders,” said Peter R. Huntsman, Chairman, President and CEO.
“We believe now is the right time to explore options for Textile Effects. We expect that the division will generate close to $100 million of Adjusted EBITDA in 2021, recovering much of what was lost due to COVID-19. While its value-added portfolio of sustainable products is consistent with Huntsman’s strategic direction, there may well be an external party that recognizes the value of these extremely attractive assets and will be a better owner for them.”