Manufacturing Industry
Koch buying Huntsman's commodity biz.(Koch Industries Inc.)
Plastics News, February, 2007 by Esposito, Frank
Byline: Frank Esposito Huntsman Corp. is ending a run of nearly four decades in commodity plastics by selling its U.S. business to Flint Hills Resources LLC in a deal valued at more than $750 million. The deal includes polymers and olefins plants in Port Arthur, Odessa and Longview, Texas; Peru, Ill.; and Marysville, Mich.
Those units posted annual sales of $2.3 billion in 2006. FHR, a unit of Koch Industries Inc., will make an initial cash payment of $456 million and an additional cash payment equal to the value of the plants' inventory at the time of closing. On Dec. 31, that inventory was valued at $286 million. The transaction is expected to close in the third quarter of 2007 - after Huntsman completes repairs to a Port Arthur ethylene unit that was...
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