Today Huntsman announced that the name of its planned spin-off will be Venator Materials Corporation, a leading global chemical company dedicated to the development and manufacture of titanium dioxide pigments and performance additives. Venator – the Latin word for hunter – acknowledges the Huntsman legacy.
Peter R. Huntsman, Huntsman Corporation President and CEO, commented:
“We are making significant progress toward the spin-off and are pleased with the Pigments and Additives business recovery. We expect Venator will be a premier pigments company unencumbered by excessive debt or other unrelated liabilities. Improved titanium dioxide pricing combined with the identification of business improvement opportunities that are incremental to current earnings are expected to more than offset the free cash flow that Venator would have received from the Textile Effects business.
“In addition to the progress we are making on the spin of our Pigments and Additives business, we continue to improve our free cash flow generation and grow our downstream differentiated businesses. During 2016, we also repaid approximately $550 million of debt and significantly strengthened our balance sheet.”
The full press release can be read on the Huntsman website.
