Jul 5 2006
Huntsman Corporation has announced today that the Company has completed its previously announced acquisition of the global Textile Effects business of Ciba Specialty Chemicals Holding Inc. for CHF 332 million ($253 million), subject to customary post-closing working capital and other adjustments.
Mr. Huntsman said the Company will immediately combine Textile Effects with its Advanced Materials business to form a new division called Materials and Effects. Paul Hulme, who currently is President of Advanced Materials, will be President of the new Materials and Effects division.
Mr. Huntsman commented, “We are pleased the acquisition has gone smoothly and look forward, now, to the Textile Effects business being an integral part of our differentiated business group. The acquisition is in keeping with our goal of considerably expanding our differentiated portfolio. Further, we believe combining Textile Effects with our Advanced Materials division will bring us significant beneficial synergies and efficiencies.”
Textile Effects is the leading global supplier of textile solutions, manufacturing a broad range of dye and chemical products that enhance the color of finished textiles and improve such performance characteristics as wrinkle resistance and the ability to repel water and stains. The business has approximately 4,000 employees and operates eleven primary manufacturing facilities located in seven countries. It serves over 10,000 customers located in 80 countries.
Textile Effects had 2005 Adjusted EBITDA of CHF 109 million ($88 million) on sales of CHF 1,276 million ($1,029 million), compared to 2004 Adjusted EBITDA of CHF 89 million ($72 million) on sales of CHF 1,293 million ($1,043 million).
http://www.huntsman.com