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Huntsman Completes $100M Accelerated Share Repurchase

Huntsman Corporation HUN has declared the completion of its earlier announced accelerated share repurchase program (“ASR”) worth $100 million for 8.6 million shares, through an accelerated repurchase program with Citibank, N.A.

The board of Huntsman in Sep 2015 authorized the buyback of $150 million worth of stock. The remaining $50 million available under the present repurchase program will be used by the company to purchase additional shares.

Huntsman further notified that the remaining $50 million may be used from time to time for repurchases through open market transactions, in privately negotiated transactions, accelerated share repurchase programs or for other means. However the timing and actual number of shares repurchased will depend on a variety of factors, including market conditions. Also, the buyback program does not have an expiration date and repurchases may be commenced, suspended or discontinued from time to time without any prior notice.

The President and CEO of Huntsman, Peter R. Huntsman, commented on this saying that the company remains focused to increase free cash flow generation in 2016 by $350 million, mainly through lower capital expenditures and restructuring expenses. The company further looks forward to separate its titanium dioxide business through a spin-off transaction. Huntsman is also optimistic about the recent increase in prices of titanium dioxide and anticipates an additional $100 million in restructuring savings in 2016.

Huntsman currently carries a Zacks Rank #5 (Strong Sell).

Favorably ranked companies in the diversified chemical space include Koninklijke DSM N.V. RDSMY, Axiall Corp. AXLL and Stepan Co. SCL. While Koninklijke and Stepan sport a Zacks Rank #1 (Strong Buy), Axiall carries a Zacks Rank #2 (Buy).

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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
HUNTSMAN CORP (HUN): Free Stock Analysis Report
 
STEPAN CO (SCL): Free Stock Analysis Report
 
KONINKLIJKE DSM (RDSMY): Free Stock Analysis Report
 
AXIALL CORP (AXLL): Free Stock Analysis Report
 
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