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Huntsman Announces Third Quarter 2020 Earnings; Solid Recovery Trends in Core Markets

·9 mins read

THE WOODLANDS, Texas , Oct. 29, 2020 /PRNewswire/ --

Third Quarter Highlights

  • Third quarter 2020 net income of $57 million compared to net income of $41 million in the prior year period; third quarter 2020 diluted earnings per share of $0.22 compared to diluted earnings per share of $0.13 in the prior year period.

  • Third quarter 2020 adjusted net income of $70 million compared to adjusted net income of $95 million in the prior year period; third quarter 2020 adjusted diluted earnings per share of $0.32 compared to adjusted diluted earnings per share of $0.41 in the prior year period.

  • Third quarter 2020 adjusted EBITDA of $188 million compared to $215 million in the prior year period.

  • Third quarter 2020 net cash provided by operating activities from continuing operations was $65 million . Free cash flow from continuing operations was $11 million for the third quarter 2020 and adjusted free cash flow from continuing operations was $189 million .

  • Balance sheet remains strong with a net leverage of 1.6x and total liquidity is approximately $2.5 billion .

  • Sale of Venator Materials PLC shares to funds advised by SK Capital is on track to close near year end. Together with estimated cash tax savings of approximately $150 million , which this transaction facilitates, we expect to secure an aggregate total cash benefit of approximately $250 million .

  • In excess of $100 million of previously announced targeted annualized savings and acquisition integration synergies remains on track to be achieved by the end of 2021.

  • On October 28, 2020 , Huntsman announced the agreement to sell its India based Do-It-Yourself consumer adhesives business for up to $285 million to Pidilite Industries Ltd. The transaction value represents a 2019 adjusted EBITDA multiple of ~15x and is expected to close within the coming week.



Three months ended


Nine months ended



September 30,


September 30,

In millions, except per share amounts


2020


2019


2020


2019










Revenues


$     1,510


$     1,687


$     4,350


$     5,140










Net income


$         57


$         41


$       706


$       290

Adjusted net income (1)


$         70


$         95


$       105


$       288










Diluted income per share


$      0.22


$      0.13


$      3.13


$      1.12

Adjusted diluted income per share (1)


$      0.32


$      0.41


$      0.47


$      1.24










Adjusted EBITDA (1)


$       188


$       215


$       407


$       664










Net cash provided by operating activities from continuing operations

$         65


$       257


$       110


$       434

Free cash flow from continuing operations (2)


$         11


$       194


$        (60)


$       253

Adjusted free cash flow from continuing operations (6)


$       189


$       194


$       128


$       253










See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Huntsman Corporation (NYSE: HUN) today reported third quarter 2020 results with revenues of $1,510 million , net income of $57 million , adjusted net income of $70 million and adjusted EBITDA of $188 million

Peter R. Huntsman , Chairman, President and CEO, commented:

"The third quarter proved to be better than we had anticipated with improving conditions in almost all of our businesses except for commercial aircraft. Although the global community continues to face significant challenges around COVID-19, we see positive momentum entering the fourth quarter.  We remain fully on track in integrating our two downstream acquisitions completed earlier this year and in delivering in excess of $100 million of annualized synergies and savings from our previously announced cost optimization initiative by the end of 2021. We are also on track to close on the sale of our Venator shares near the end of 2020 further bolstering our liquidity and balance sheet with approximately $250 million of total related cash. During 2020, a year that history will remember for unprecedented challenges, more than ever before Huntsman has become significantly stronger, further focused on strategically growing its differentiated businesses and enhancing shareholder value."

Segment Analysis for 3Q20 Compared to 3Q19

Polyurethanes

The decrease in revenues in our Polyurethanes segment for the three months ended September 30, 2020 compared to the same period of 2019 was primarily due to lower MDI average selling prices.  MDI average selling prices decreased across most major markets in relation to the global economic slowdown resulting from the COVID-19 pandemic.  Overall polyurethanes sales volumes were roughly flat, when including sales volumes in connection with the Icynene-Lapolla Acquisition. The increase in segment adjusted EBITDA was primarily due to lower raw material costs and lower fixed costs as well as additional sales volumes in connection with the Icynene-Lapolla Acquisition, partially offset by lower MDI pricing.

Performance Products

The decrease in revenues in our Performance Products segment for the three months ended September 30, 2020 compared to the same period of 2019 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily in relation to the global economic slowdown. Average selling prices decreased primarily due to lower raw material costs. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, partially offset by higher margins in our performance amines business and lower fixed costs.

Advanced Materials

The decrease in revenues in our Advanced Materials segment for the three months ended September 30, 2020 compared to the same period in 2019 was due to lower sales volumes and lower overall average selling prices. Sales volumes decreased across all markets and regions, except in our global power market, primarily in relation to the global economic slowdown and customer destocking. Despite local currency average selling prices remaining unchanged, overall average selling prices decreased due to the impact of a stronger U.S. dollar against major international currencies. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, partially offset by lower fixed costs.

Textile Effects

The decrease in revenues in our Textile Effects segment for the three months ended September 30, 2020 compared to the same period of 2019 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to weaker demand in relation to the global economic slowdown. Average selling prices decreased as a result of product mix change, competitive market pressures and the impact of a stronger U.S. dollar against major international currencies. The decrease in segment adjusted EBITDA was primarily due to lower sales revenues and lower capitalization of indirect costs because of reduced production, partially offset by lower raw material costs and lower fixed costs.

Corporate, LIFO and other

For the three months ended September 30, 2020 , adjusted EBITDA from Corporate and other for Huntsman Corporation decreased by $1 million to a loss of $37 million from a loss of $36 million for the same period of 2019.

Liquidity and Capital Resources

During the three months ended September 30, 2020 , our adjusted free cash flow from continuing operations was $189 million as compared to $194 million in the prior year period.  As of September 30, 2020 , we had approximately $2.5 billion of combined cash and unused borrowing capacity.

During the three months ended September 30, 2020 , we spent $54 million on capital expenditures as compared to $63 million in the same period of 2019.  For 2020 we expect to spend between $250 million to $255 million on capital expenditures.

Year to date we paid approximately $188 million in taxes related to the sale of our Chemical Intermediates Businesses, which was completed on January 3, 2020 , and we expect to spend an additional $187 million within the fourth quarter.  However, depending upon the timing of the completion of the sale of most of our Venator shares, which is expected near year-end, the net amount of taxes to be paid in the fourth quarter may be reduced by approximately $150 million .    

Income Taxes

In the third quarter 2020, our adjusted effective tax rate was 23%.  For 2020, our adjusted effective tax rate is expected to be approximately 20% - 22%.  We expect our forward adjusted effective tax rate will be approximately 22% - 24%. 

Earnings Conference Call Information

We will hold a conference call to discuss our third quarter 2020 financial results on Thursday, October 29, 2020 at 10:00 a.m. ET .

Webcast link: https://78449.themediaframe.com/dataconf/productusers/hun/mediaframe/41067/indexl.html

Participant dial-in numbers:


Domestic callers:

(877) 402-8037

International callers:

(201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, ir.huntsman.com.  Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences

During the fourth quarter 2020, a member of management is expected to present at:
Morgan Stanley Virtual Global Chemicals Conference on November 10, 2020
Citi Basic Materials Virtual Conference on December 1, 2020

A webcast of the presentation, if applicable, along with accompanying materials will be available at ir.huntsman.com .

 

Table 1 Results of Operations




Three months ended


Nine months ended



September 30,


September 30,

In millions, except per share amounts


2020


2019


2020


2019










Revenues


$     1,510


$     1,687


$     4,350


$     5,140

Cost of goods sold


1,231


1,347


3,612


4,068

Gross profit


279


340


738


1,072

Operating expenses


208


231


660


695

Restructuring, impairment and plant closing costs (credits) 


12


(43)


34


(42)

Operating income


59


152


44


419

Interest expense


(24)


(27)


(63)


(86)

Equity in income of investment in unconsolidated affiliates


21


19


25


41

Fair value adjustments to Venator investment


6


(148)


(100)


(90)

Loss on early extinguishment of debt


-


-


-


(23)

Other income, net


10


7


27


16

Income (loss) from continuing operations before income taxes


72


3


(67)


277

Income tax expense


(15)


(30)


(9)


(113)

Income (loss) from continuing operations


57


(27)


(76)


164

Income from discontinued operations, net of tax (3)


-


68


782


126

Net income


57


41


706


290

Net income attributable to noncontrolling interests, net of tax


(9)


(11)


(15)


(31)

Net income attributable to Huntsman Corporation


$         48


$         30


$       691


$       259










Adjusted EBITDA (1)


$       188


$       215


$       407


$       664

Adjusted net income (1)


$         70


$         95


$       105


$       288










Basic income per share


$      0.22


$      0.13


$      3.13


$      1.12

Diluted income per share


$      0.22


$      0.13


$      3.13


$      1.12

Adjusted diluted income per share (1)


$      0.32


$      0.41


$      0.47


$      1.24










Common share information:









Basic weighted average shares


220


227


221


230

Diluted weighted average shares


221


227


221


232

Diluted shares for adjusted diluted income per share


221


229


222


232










See end of press release for footnote explanations.









 

 

Table 2 Results of Operations by Segment




Three months ended




Nine months ended





September 30,


Better /


September 30,


Better /

In millions


2020


2019


(Worse)


2020


2019


(Worse)














Segment Revenues:













Polyurethanes


$       936


$       993


(6%)


$     2,554


$     2,931


(13%)

Performance Products


238


281


(15%)


758


880


(14%)

Advanced Materials


199


256


(22%)


632


803


(21%)

Textile Effects


142


179


(21%)


424


583


(27%)

Corporate and Eliminations


(5)


(22)


n/m


(18)


(57)


n/m














Total


$     1,510


$     1,687


(10%)


$     4,350


$     5,140


(15%)














Segment Adjusted EBITDA (1) :













Polyurethanes


$       156


$       146


7%


$       271


$       426


(36%)

Performance Products


36


38


(5%)


123


125


(2%)

Advanced Materials


25


51


(51%)


103


159


(35%)

Textile Effects


8


16


(50%)


24


66


(64%)

Corporate, LIFO and other


(37)


(36)


(3%)


(114)


(112)


(2%)














Total


$ 188


$ 215


(13%)


$ 407


$ 664


(39%)

n/m = not meaningful


























See end of press release for footnote explanations.











Table 3 – Factors Impacting Sales Revenue




Three months ended



September 30, 2020 vs. 2019



Average Selling Price(a)









Local


Exchange


Sales Mix


Sales





Currency


Rate


& Other


Volume(b)


Total












Polyurethanes


(5%)


1%


(2%)


0%


(6%)












Performance Products


(3%)


1%


6%


(19%)


(15%)












Advanced Materials


0%


(1%)


(10%)


(11%)


(22%)












Textile Effects


(7%)


(2%)


1%


(13%)


(21%)

























Nine months ended



September 30, 2020 vs. 2019



Average Selling Price(a)









Local


Exchange


Sales Mix


Sales





Currency


Rate


& Other


Volume(b)


Total












Polyurethanes


(6%)


(1%)


0%


(6%)


(13%)












Performance Products


(5%)


(1%)


5%


(13%)


(14%)












Advanced Materials


1%


(2%)


(2%)


(18%)


(21%)












Textile Effects


(2%)


(2%)


(2%)


(21%)


(27%)























(a) Excludes sales from tolling arrangements, by-products and raw materials.





(b) Excludes sales from by-products and raw materials.









Table 4 – Reconciliation of U.S. GAAP to Non-GAAP Measures








Income Tax






Diluted Income



EBITDA


(Expense) Benefit


Net Income


Per Share



Three months ended


Three months ended


Three months ended


Three months ended



September 30,


September 30,


September 30,


September 30,

In millions, except per share amounts


2020


2019


2020


2019


2020


2019


2020


2019


















Net income


$ 57


$ 41






$ 57


$ 41


$ 0.26


$ 0.18

Net income attributable to noncontrolling interests


(9)


(11)






(9)


(11)


(0.04)


(0.05)


















Net income attributable to Huntsman Corporation


48


30






48


30


0.22


0.13

Interest expense from continuing operations


24


27













Income tax expense from continuing operations


15


30


$ (15)


$ (30)









Income tax expense from discontinued operations(3)


-


25













Depreciation and amortization from continuing operations


70


65













Depreciation and amortization from discontinued operations(3)


-


13













Business acquisition and integration expenses and purchase accounting inventory adjustments


9


3


(3)


(1)


6


2


0.03


0.01

EBITDA / Income from discontinued operations, net of tax(3)


-


(106)


N/A


N/A


-


(68)


-


(0.30)

Income from transition services arrangements


(1)


-


-


-


(1)


-


-


-

Fair value adjustments to Venator Investment(a)


(6)


148


-


-


(6)


148


(0.03)


0.65

Certain legal and other settlements and related (income) expenses


(4)


1


1


-


(3)


1


(0.01)


-

Certain non-recurring information technology project implementation costs


1


1


-


-


1


1


-


-

Amortization of pension and postretirement actuarial losses


20


16


(4)


(5)


16


11


0.07


0.05

Restructuring, impairment and plant closing and transition costs (credits)


12


(43)


(3)


9


9


(34)


0.04


(0.15)

Plant incident remediation costs


-


5


-


(1)


-


4


-


0.02


















Adjusted(1)


$ 188


$ 215


$ (24)


$ (28)


$ 70


$ 95


$ 0.32


$ 0.41


















Adjusted income tax expense(1)










$ 24


$ 28





Net income attributable to noncontrolling interests, net of tax










9


11






















Adjusted pre-tax income(1)










$ 103


$ 134






















Adjusted effective tax rate(4)










23%


21%






















Effective tax rate










21%


n/m




























Income Tax






Diluted Income



EBITDA


(Expense) Benefit


Net Income


Per Share



Nine months ended


Nine months ended


Nine months ended


Nine months ended



September 30,


September 30,


September 30,


September 30,

In millions, except per share amounts


2020


2019


2020


2019


2020


2019


2020


2019


















Net income


$ 706


$ 290






$ 706


$ 290


$ 3.20


$ 1.25

Net income attributable to noncontrolling interests


(15)


(31)






(15)


(31)


(0.07)


(0.13)


















Net income attributable to Huntsman Corporation


691


259






691


259


3.13


1.12

Interest expense from continuing operations


63


86













Income tax expense from continuing operations


9


113


$ (9)


$ (113)









Income tax expense from discontinued operations(3)


239


44













Depreciation and amortization from continuing operations


206


201













Depreciation and amortization from discontinued operations(3)


-


59













Business acquisition and integration expenses and purchase accounting inventory adjustments


30


4


(6)


(1)


24


3


0.11


0.01

EBITDA / Income from discontinued operations, net of tax(3)


(1,021)


(229)


N/A


N/A


(782)


(126)


(3.54)


(0.54)

U.S. tax reform impact on tax expense


-


-


-


3


-


3


-


0.01

Impact of Switzerland income tax rate change


-


-


-


32


-


32


-


0.14

Gain on sale of businesses/assets


(1)


-


-


-


(1)


-


-


-

Income from transition services arrangements


(6)


-


1


-


(5)


-


(0.02)


-

Fair value adjustments to Venator Investment(a)


100


90


-


-


100


90


0.45


0.39

Loss on early extinguishment of debt


-


23


-


(5)


-


18


-


0.08

Certain legal and other settlements and related expenses


2


1


-


-


2


1


0.01


-

Certain non-recurring information technology project implementation costs


3


1


-


-


3


1


0.01


-

Amortization of pension and postretirement actuarial losses


57


49


(12)


(13)


45


36


0.20


0.16

Restructuring, impairment and plant closing and transition costs (credits)


34


(42)


(7)


9


27


(33)


0.12


(0.14)

Plant incident remediation costs


1


5


-


(1)


1


4


-


0.02


















Adjusted(1)


$ 407


$ 664


$ (33)


$ (89)


$ 105


$ 288


$ 0.47


$ 1.24


















Adjusted income tax expense(1)










$ 33


$ 89





Net income attributable to noncontrolling interests, net of tax










15


31






















Adjusted pre-tax income(1)










$ 153


$ 408






















Adjusted effective tax rate(4)










22%


22%






















Effective tax rate










(13%)


41%






















(a) Represents the changes in market value in Huntsman's remaining interesting in Venator.


































N/A = not applicable

















See end of press release for footnote explanations.

















Table 5 – Selected Balance Sheet Items




September 30,


December 31,

In millions


2020


2019






Cash


$ 1,168


$ 525

Accounts and notes receivable, net


889


953

Inventories


819


914

Other current assets


125


155

Current assets held for sale


-


1,208

Property, plant and equipment, net


2,477


2,383

Other noncurrent assets


2,619


2,182






Total assets


$ 8,097


$ 8,320






Accounts payable


$ 725


$ 822

Other current liabilities


629


462

Current portion of debt


567


212

Current liabilities held for sale


-


512

Long-term debt


1,557


2,177

Other noncurrent liabilities


1,242


1,311

Huntsman Corporation stockholders' equity


3,222


2,687

Noncontrolling interests in subsidiaries


155


137






Total liabilities and equity


$ 8,097


$ 8,320

Table 6 – Outstanding Debt




September 30,


December 31,

In millions


2020


2019






Debt:





Revolving credit facility


$ -


$ 40

Accounts receivable programs


52


167

Term loan


-


103

Senior notes


2,003


1,963

Variable interest entities


50


65

Other debt


19


51






Total debt - excluding affiliates


2,124


2,389






Total cash


1,168


525






Net debt - excluding affiliates(5)


$ 956


$ 1,864






See end of press release for footnote explanations.





Table 7 – Summarized Statement of Cash Flows




Three months ended


Nine months ended



September 30,


September 30,

In millions


2020


2019


2020


2019










Total cash at beginning of period


$ 1,254


$ 449


$ 525


$ 340










Net cash provided by operating activities from continuing operations


65


257


110


434

Net cash provided by (used in) operating activities from discontinued operations(3)

18


126


(22)


222

Net cash (used in) provided by investing activities from continuing operations


(47)


(11)


1,105


(111)

Net cash used in investing activities from discontinued operations(3)


-


(13)


-


(31)

Net cash used in financing activities


(129)


(383)


(546)


(431)

Effect of exchange rate changes on cash


7


(7)


(4)


(5)










Total cash at end of period


$ 1,168


$ 418


$ 1,168


$ 418










Free cash flow from continuing operations(2):









Net cash provided by operating activities


$ 65


$ 257


$ 110


$ 434

Capital expenditures


(54)


(63)


(170)


(181)










Free cash flow from continuing operations


$ 11


$ 194


$ (60)


$ 253










Taxes paid on sale of Chemical Intermediates Businesses


$ 178


$ -


$ 188


$ -










Adjusted free cash flow from continuing operations(6):


$ 189


$ 194


$ 128


$ 253










Supplemental cash flow information:









Cash paid for interest


$ (9)


$ (12)


$ (49)


$ (65)

Cash paid for income taxes


(187)


(34)


(242)


(102)

Cash paid for restructuring and integration


(10)


(3)


(24)


(14)

Cash paid for pensions


(27)


(29)


(73)


(68)

Depreciation and amortization


70


65


206


201










Change in primary working capital:









Accounts and notes receivable


$ (76)


$ 116


$ 103


$ 69

Inventories


75


(5)


154


19

Accounts payable


111


(4)


(85)


(16)

Total change in primary working capital


$ 110


$ 107


$ 172


$ 72










See end of press release for footnote explanations.










Footnotes



(1)

We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments. We provide adjusted net income because we feel it provides meaningful insight for the investment community into the performance of our business. We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss). Additional information with respect to our use of each of these financial measures follows:




Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.




Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests, net of tax; (b) interest; (c) income taxes; (d) depreciation and amortization (e) amortization of pension and postretirement actuarial losses (gains); (f) restructuring, impairment and plant closing costs (credits); and further adjusted for certain other items set forth in reconciliation of adjusted EBITDA to net income (loss) in Table 4 above.




Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interest; (b) amortization of pension and postretirement actuarial losses (gains); (c) restructuring, impairment and plant closing costs (credits); and further adjusted for certain other items set forth in reconciliation of adjusted EBITDA to net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.




We do not provide reconciliations for adjusted EBITDA, adjusted net income (loss) or adjusted diluted income (loss) per share on a forward-looking basis because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses and purchase accounting adjustments, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.



(2)

Management internally uses a free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. We have historically defined free cash flow as cash flows provided by operating activities and used in investing activities, excluding acquisition/disposition activities and including non-recurring separation costs. Starting with the quarter ended March 31, 2020, we updated our definition of free cash flow to a presentation more consistent with today's market standard of net cash provided by operating activities less capital expenditures. Using our updated definition, our free cash flow for the years ended December 31, 2019, 2018, and 2017 were $382 million, $453 million, and $438 million, respectively. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.



(3)

During the third quarter 2019, we entered into an agreement to sell our Chemical Intermediates Businesses. Results from these businesses, including the associated gain on sale, was treated as discontinued operations until the completion of the sale on January 3, 2020.



(4)

We believe adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate.




The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. We do not provide reconciliations for adjusted effective tax rate on a forward-looking basis because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.



(5)

Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.



(6)

Adjusted free cash flow is defined as free cash flow, as described above, adjusted by excluding the taxes paid in connection with the sale of our Chemical Intermediates Businesses. We believe that adjusted free cash flow provides a useful comparison from period to period because it excludes the impact of cash taxes unrelated to our operations. Additionally, the proceeds received from the sale of our Chemical Intermediates Businesses was classified as cash provided by investing activities and therefore was not factored into our free cash flow. As result, we believe the adjustment to exclude the taxes paid associated with this sale provides a meaningful measure of our free cash flow.

About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.

Social Media:
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LinkedIn: www.linkedin.com/company/huntsman

Forward-Looking Statements:
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.

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SOURCE Huntsman Corporation