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Huntsman To Buy Rockwood's TiO2, Performance Additives Businesses

Huntsman Corp., the Woodlands, Texas, has signed an agreement to acquire Princeton, N.J.-based specialty chemicals and advanced materials company Rockwood Holdings Inc.'s Titanium Dioxide (TiO2) and Performance Additives businesses for $1.1 billion, plus the assumption of some unfunded pension liabilities valued at some $225 million as of June 30, 2013. The sale is expected to close during the first half of 2014.

The businesses include the manufacture and supply of sulphate process TiO2, synthetic iron-oxide and other organic pigments, timber treatment products and specialty automotive materials. The products are used in applications including fibers, films, coatings, inks, papers, plastics, food, cosmetics and pharmaceuticals, concrete and construction.

"This acquisition provides a unique opportunity to unlock value within our Pigments business and builds on the strong improvements we have made to its competitiveness," said Peter R. Huntsman, president and CEO, Huntsman Corp. "With this combination we will be better positioned to serve customers through a broader product range including color pigments, functional additives and specialty TiO2 pigments.  We will become the second largest global producer of TiO2 and inorganic color pigments."

He continued: "We anticipate TiO2 demand will continue to recover in the coming quarters, and during this time we will be focused on strengthening our world class Pigments business and capturing approximately $130 million in expected annual cost savings, to be fully achieved by the end of 2015.  We plan to further unlock value through a public offering of our new combined Pigments business, which we expect to pursue within two years of completing this acquisition."

September 24, 2013