NetComposites

Connecting you to the composites industry

Advertisement

Huntsman Completes Sale of Australian Polyester Resin Assets

  • Sunday, 14th January 2007
  • 0 comments
  • Reading time: less than a minute

Huntsman Chemical Company Australia has completed the previously announced sale of its Polyester Resins (composites) business assets to Nuplex Industries for A$9.6 million (approx. U.S.$7.5 million).

Added to the value of inventory and other stock in trade at the completion date, the total transaction value is A$20.3 million, subject to post closing adjustments. The assets sold include Huntsman’s polyesters, vinylesters and gelcoats manufacturing assets. Annual sales from the business total approximately A$53 million. Financial performance of the business for Huntsman had been modest.

Kimo Esplin, Huntsman’s Chief Financial Officer, said, “”The completion of this transaction follows our December 29 announcement of the sale of our European commodity chemicals business to Saudi Basic Industries Corporation. We continue to review our portfolio for opportunities to create shareholder value as we pay down debt and focus on our differentiated products.””


For more information visit:


Share this article


More News


Comments (0)

Sign in or create an account to join in the discussion.

Leave your comment

Advertisement

Upcoming Events

Advertisement

Advertisement

Advertisement

Follow us
Subscribe to our email newsletter

Subscribe to receive our weekly round-up of all the industry's latest news, jobs, events and more!

We'll always keep your personal details secure and will never share them with third parties for marketing purposes. You can unsubscribe at any time. For further details on how we may use your data, please visit our Privacy Policy.