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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.””
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