HUNTSMAN CORPORATION 
By THE WOODLANDS, Texas, Feb. 11, 2014 /PRNewswire/ --
Fourth Quarter 2013 Highlights
-- Record Adjusted EBITDA of $313 million, an improvement of 28% compared
to the prior year period.
-- Adjusted diluted income per share was $0.48 compared to $0.28 in the
prior year period.
-- Net income attributable to Huntsman Corporation was $41 million compared
to net loss of $40 million in the prior year period.
Full Year 2013 Highlights
-- Adjusted EBITDA was $1,213 million compared to $1,439 million in the
prior year period. The decrease was primarily attributable to lower
earnings in our Pigments division and lower PO/MTBE earnings which
benefitted from industry supply outages in 2012.
-- Adjusted diluted income per share was $1.61 compared to $2.40 in the
prior year period.
-- Net income attributable to Huntsman Corporation was $128 million
compared to net income of $363 million in the prior year period.
Three months ended Twelve months
ended
------------------
December 31, September 30, December 31,
------------ ------------
In
millions,
except
per
share
amounts,
unaudited 2013 2012 2013 2013 2012
---------- ---- ---- ---- ---- ----
Revenues $2,705 $2,619 $2,842 $11,079 $11,187
Net
income
(loss)
attributable
to
Huntsman
Corporation $41 $(40) $64 $128 $363
Adjusted
net
income(1) $118 $68 $132 $390 $577
Diluted
income
(loss)
per
share $0.17 $(0.17) $0.26 $0.53 $1.51
Adjusted
diluted
income
per
share(1) $0.48 $0.28 $0.54 $1.61 $2.40
EBITDA(1) $225 $104 $303 $889 $1,187
Adjusted
EBITDA(1) $313 $245 $376 $1,213 $1,439
See end of press release for footnote explanations
Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2013 results with revenues of $2,705 million and adjusted EBITDA of $313 million.
Peter R. Huntsman, our President and CEO, commented:
"Our Adjusted EBITDA of $313 million was a fourth quarter record. With the notable exception of PO/MTBE, we saw broad improvements in earnings across our businesses in the fourth quarter compared to the prior year. Aggressive self-help measures that have re-focused our efforts on key markets and lowered our costs are yielding benefits to the bottom line. These restructuring efforts are expected to contribute an additional approximate $60 million of future EBITDA.
"We expect to close on the acquisition of Rockwood Holdings' Performance Additives and Titanium Dioxide businesses during the first half of 2014 and remain confident in our ability to deliver synergies of $130 million. Antitrust review in the U.S. is complete and we are making positive strides as it relates to the European Union review.
"We are investing for long term growth and are progressing well with the previously disclosed projects that will further increase our future EBITDA by nearly $200 million. We are enthused by the positive developments taking place within our business and look forward to delivering further value."
Segment Analysis for 4Q13 Compared to 4Q12
Polyurethanes
The increase in revenues in our Polyurethanes division for the three months ended December 31, 2013 compared to the same period in 2012 was primarily due to higher sales volumes and favorable sales mix partially offset by lower average selling prices. MDI Urethane sales volumes increased 8% as a result of improved demand in all regions and across most major markets partially offset by a decrease in PO/MTBE sales volumes. PO/MTBE average selling prices decreased primarily due to less favorable market conditions whereas MDI Urethane average selling prices were essentially flat. The decrease in adjusted EBITDA was due to lower PO/MTBE margins partially offset by an increase in MDI Urethane earnings.
Performance Products
The increase in revenues in our Performance Products division for the three months ended December 31, 2013 compared to the same period in 2012 was due to higher sales volumes partially offset by lower selling prices and the mix effect of more toll business. Sales volumes increased broadly across all products with the exception of European home care surfactants. Average selling prices fell mainly in response to lower raw material costs. The increase in adjusted EBITDA was primarily due to higher sales volumes and higher margins.
Advanced Materials
The decrease in revenues in our Advanced Materials division for the three months ended December 31, 2013 compared to the same period in 2012 was primarily due to lower sales volumes, partially offset by favorable sales mix and higher average selling prices. Sales volumes decreased in our base resins business primarily due to our restructuring efforts. During the fourth quarter 2013 we closed two of our base resins production units as we focus on higher value component and formulations sales such as aerospace, transportation and industrial markets. Average selling prices increased in all regions primarily in response to higher raw materials costs and improved sales mix. The increase in adjusted EBITDA was primarily due to higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Textile Effects
The increase in revenues in our Textile Effects division for the three months ended December 31, 2013 compared to the same period in 2012 was due to higher average selling prices and higher sales volumes. Average selling prices increased primarily in response to higher raw material costs. Sales volumes increased primarily due to increased market share in key countries and stronger consumer end market sentiment. The increase in adjusted EBITDA was primarily due to higher sales volumes and lower costs as a result of our restructuring efforts.
Pigments
The increase in revenues in our Pigments division for the three months ended December 31, 2013 compared to the same period in 2012 was primarily due to higher sales volumes partially offset by lower average selling prices. Sales volumes increased primarily due to higher end-use demand. Average selling prices decreased primarily as a result of high industry inventory levels partially offset by the strength of the euro against the U.S. dollar. The increase in adjusted EBITDA was primarily due to higher sales volumes and lower manufacturing and selling, general and administrative costs.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by $1 million to a loss of $50 million for the three months ended December 31, 2013 compared to a loss of $49 million for the same period in 2012.
Liquidity, Capital Resources and Outstanding Debt
As of December 31, 2013 we had $1,048 million of combined cash and unused borrowing capacity compared to $887 million at December 31, 2012.
On December 23, 2013 we issued EUR300 million senior notes that carry an interest rate of 5.125% and will mature on April 15, 2021. Net proceeds were used to repay a portion of the principal amount outstanding under our Term Loan C, to pay related fees and expenses and for general corporate purposes.
On October 15, 2013 we entered into an amendment to our senior credit facilities that provides for a new seven year term loan of $1.2 billion as well as an increase in our existing revolving credit facility by $200 million to $600 million. We have secured commitments from a group of financial institutions to provide this term loan and expanded revolving credit facility. This new financing is expected be funded when we complete the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc.
Total capital expenditures for the quarter ended December 31, 2013 were $176 million and for the year ended December 31, 2013 were $471 million. We expect to spend approximately $500 million on capital expenditures in 2014, net of reimbursements, excluding any amounts associated with the planned acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc.
Income Taxes
During the three months ended December 31, 2013 we recorded income tax expense of $20 million and paid $18 million in cash for income taxes. Our adjusted effective income tax rates for the three months and year ended December 31, 2013 were approximately 21% and 32% respectively.
During the fourth quarter of 2013 as a result of specific pension accounting we were required to record a decrease in operating tax expense and an increase to tax expense in other comprehensive income.
We expect our 2014 adjusted effective tax rate to be approximately 35% excluding the impact of the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. We expect our long term adjusted effective tax rate to be approximately 30%.
Earnings Conference Call Information
We will hold a conference call to discuss our fourth quarter and full year 2013 financial results on Tuesday, February 11, 2014 at 10:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 713 - 4215
International participants (617) 213 - 4867
Passcode 20450733
In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=PFA7R877G
Webcast Information
The conference call will be available via webcast and can be accessed from the investor relations portion of the company's website at huntsman.com.
Replay Information
The conference call will be available for replay beginning February 11, 2014 and ending February 18, 2014.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 67503187
Table 1 - Results of Operations
-------------------------------
Three months Twelve months
ended ended
December 31, December 31,
------------ ------------
In
millions,
except
per
share
amounts,
unaudited 2013 2012 2013 2012
---------- ---- ---- ---- ----
Revenues $2,705 $2,619 $11,079 $11,187
Cost of
goods
sold 2,259 2,199 9,326 9,153
----- ----- ----- -----
Gross
profit 446 420 1,753 2,034
Operating
expenses 284 305 1,092 1,097
Restructuring,
impairment
and
plant
closing
costs 41 40 151 92
--- --- --- ---
Operating
income 121 75 510 845
Interest
expense,
net (44) (54) (190) (226)
Equity
in
income
of
investment
in
unconsolidated
affiliates 2 2 8 7
Loss on
early
extinguishment
of debt (16) (78) (51) (80)
Other
(loss)
income - (1) 2 1
--- ---
Income
(loss)
before
income
taxes 63 (56) 279 547
Income
tax
(expense)
benefit (20) 17 (125) (169)
---- ----
Income
(loss)
from
continuing
operations 43 (39) 154 378
Loss
from
discontinued
operations,
net of
tax(2) (1) - (5) (7)
Extraordinary
gain on
the
acquisition
of a
business,
net of
tax of
nil - 1 - 2
--- ---
Net
income
(loss) 42 (38) 149 373
Net
income
attributable
to
noncontrolling
interests,
net of
tax (1) (2) (21) (10)
Net
income
(loss)
attributable
to
Huntsman
Corporation $41 $(40) $128 $363
=== ==== ==== ====
Adjusted
EBITDA(1) $313 $245 $1,213 $1,439
Adjusted
net
income(1) $118 $68 $390 $577
Basic
income
(loss)
per
share $0.17 $(0.17) $0.53 $1.53
Diluted
income
(loss)
per
share $0.17 $(0.17) $0.53 $1.51
Adjusted
diluted
income
per
share(1) $0.48 $0.28 $1.61 $2.40
Common
share
information:
Basic
shares
outstanding 240.2 238.2 239.7 237.6
Diluted
shares 243.9 238.2 242.4 240.6
Diluted
shares
for
adjusted
diluted
income
per
share 243.9 241.3 242.4 240.6
See end of press release for footnote
explanations
Table 2 - Results of Operations by Segment
------------------------------------------
Three months ended Twelve months
ended
------------------ -------------
December
31, Better / December 31, Better /
--------- ------------
In millions,
unaudited 2013 2012 (Worse) 2013 2012 (Worse)
------------ ---- ---- ------ ---- ---- ------
Segment
Revenues:
Polyurethanes $1,230 $1,182 4% $4,964 $4,894 1%
Performance
Products 741 723 2% 3,019 3,065 (2)%
Advanced
Materials 301 311 (3)% 1,267 1,325 (4)%
Textile
Effects 209 190 10% 811 752 8%
Pigments 295 286 3% 1,269 1,436 (12)%
Eliminations
and other (71) (73) 3% (251) (285) 12%
--- --- ---- ----
Total $2,705 $2,619 3% $11,079 $11,187 (1)%
====== ====== ======= =======
Segment Adjusted EBITDA(1):
Polyurethanes $173 $190 (9)% $740 $788 (6)%
Performance
Products 116 81 43% 403 369 9%
Advanced
Materials 33 8 313% 131 98 34%
Textile
Effects 8 1 700% 16 (20) NM
Pigments 33 14 136% 111 375 (70)%
Corporate,
LIFO and
other (50) (49) (2)% (188) (171) (10)%
Total $313 $245 28% $1,213 $1,439 (16)%
==== ==== ====== ======
See end of press release for footnote explanations
NM-Not
meaningful
Table 3 - Factors Impacting Sales Revenues
------------------------------------------
Three months ended
December 31, 2013 vs. 2012
--------------------------
Average Selling
Price(a)
----------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(b) Total
--------- -------- ---- ------- -------- -----
Polyurethanes (3)% 1% 3% 3% 4%
Performance
Products (1)% --- (3)% 6% 2%
Advanced
Materials 5% --- 7% (15)% (3)%
Textile
Effects 7% --- --- 3% 10%
Pigments (13)% 1% --- 15% 3%
Total Company --- --- (2)% 5% 3%
Twelve months ended
December 31, 2013 vs. 2012
--------------------------
Average Selling
Price(a)
----------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(b) Total
--------- -------- ---- ------- -------- -----
Polyurethanes (1)% 1% --- 1% 1%
Performance
Products 2% --- (2)% (2)% (2)%
Advanced
Materials 4% (1)% 3% (10)% (4)%
Textile
Effects 3% (1)% --- 6% 8%
Pigments (23)% 1% --- 10% (12)%
Total Company (2)% --- --- 1% (1)%
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales volumes of by-products and raw materials.
Table 4 - Reconciliation of U.S. GAAP to Non-GAAP Measures
----------------------------------------------------------
Income Tax Net Income Diluted
(loss) Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- --------------- ---------
Three months Three Three months Three months
ended months ended ended
ended
December 31, December
31, December 31, December 31,
------------ --------- ------------ ------------
In millions, except
per share amounts,
unaudited 2013 2012 2013 2012 2013 2012 2013 2012
------------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $225 $104 $(20) $17 $41 $(40) $0.17 $(0.17)
Adjustments:
Acquisition expenses
and purchase
accounting inventory
adjustments 7 3 (3) (1) 4 2 0.02 0.01
Loss from
discontinued
operations, net of
tax(2) 2 1 N/A N/A 1 - - -
Discount amortization
on settlement
financing associated
with the terminated
merger N/A N/A (1) (3) 1 5 - 0.02
Gain on disposition
of businesses/
assets - (3) - - - (3) - (0.01)
Loss on early
extinguishment of
debt 16 78 (6) (28) 10 50 0.04 0.21
Extraordinary gain on
the acquisition of a
business, net of tax - (1) N/A N/A - (1) - -
Certain legal
settlements and
related expenses 1 6 - (2) 1 4 - 0.02
Amortization of
pension and
postretirement
actuarial losses 18 12 (7) (2) 11 10 0.05 0.04
Restructuring,
impairment and plant
closing and
transition costs 44 45 5 (4) 49 41 0.20 0.17
Adjusted(1) $313 $245 $(32) $(23) $118 $68 $0.48 $0.28
==== ==== ==== ==== ==== === ----- -----
Adjusted income tax
expense 32 23
Net income
attributable to
noncontrolling
interests, net of
tax 1 2
Adjusted pre-tax
income(1) $151 $93
==== ===
Adjusted effective
tax rate 21% 25%
Income Tax Net Income Diluted
Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- --------------- ---------
Three months Three Three months Three months
ended months ended ended
ended
September September September 30, September
30, 30, 30,
In millions, except
per share amounts,
unaudited 2013 2013 2013 2013
------------------- ---- ---- ---- ----
GAAP(1) $303 $(81) $64 $0.26
Adjustments:
Acquisition expenses
and purchase
accounting inventory
adjustments 9 (1) 8 0.03
Loss from
discontinued
operations, net of
tax(2) 2 N/A 2 0.01
Discount amortization
on settlement
financing associated
with the terminated
merger N/A - 2 0.01
Amortization of
pension and
postretirement
actuarial losses 19 (2) 17 0.07
Restructuring,
impairment and plant
closing and
transition costs 43 (4) 39 0.16
Adjusted(1) $376 $(88) $132 $0.54
==== ==== ==== -----
Adjusted income tax
expense 88
Net income
attributable to
noncontrolling
interests, net of
tax 6
Adjusted pre-tax
income(1) $226
====
Adjusted effective
tax rate 39%
Income Tax Net Income Diluted
Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- --------------- ---------
Twelve Twelve Twelve months Twelve
months months ended months
ended ended ended
December 31, December
31, December 31, December 31,
------------ --------- ------------ ------------
In millions, except
per share amounts,
unaudited 2013 2012 2013 2012 2013 2012 2013 2012
------------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $889 $1,187 $(125) $(169) $128 $363 $0.53 $1.51
Adjustments:
Acquisition expenses
and purchase
accounting inventory
adjustments 21 5 (5) (1) 16 4 0.07 0.02
Loss on initial
consolidation of
subsidiaries - 4 - - - 4 - 0.02
Loss from
discontinued
operations, net of
tax(2) 5 5 N/A N/A 5 7 0.02 0.03
Discount amortization
on settlement
financing associated
with the terminated
merger N/A N/A (3) (11) 6 20 0.02 0.08
Gain on disposition
of businesses/
assets - (3) - - - (3) - (0.01)
Loss on early
extinguishment of
debt 51 80 (19) (29) 32 51 0.13 0.21
Extraordinary gain on
the acquisition of a
business, net of tax - (2) N/A N/A - (2) - (0.01)
Certain legal
settlements and
related expenses 9 11 (2) (4) 7 7 0.03 0.03
Amortization of
pension and
postretirement
actuarial losses 74 43 (20) (8) 54 35 0.22 0.15
Restructuring,
impairment and plant
closing and
transition costs 164 109 (22) (18) 142 91 0.59 0.38
Adjusted(1) $1,213 $1,439 $(196) $(240) $390 $577 $1.61 $2.40
====== ====== ===== ===== ==== ==== ----- -----
Adjusted income tax
expense 196 240
Net income
attributable to
noncontrolling
interests, net of
tax 21 10
Adjusted pre-tax
income(1) $607 $827
==== ====
Adjusted effective
tax rate 32% 29%
See end of press release for footnote explanations
Table 5 - Reconciliation of Net Income (Loss) to EBITDA
-------------------------------------------------------
Three months ended Twelve
months
ended
------------------
December September 30, December
31, 31,
--------- ---------
In millions,
unaudited 2013 2012 2013 2013 2012
------------ ---- ---- ---- ---- ----
Net income
(loss)
attributable
to Huntsman
Corporation $41 $(40) $64 $128 $363
Interest
expense, net 44 54 48 190 226
Income tax
expense
(benefit)
from
continuing
operations 20 (17) 81 125 169
Income tax
benefit from
discontinued
operations(2) (2) (1) - (2) (3)
Depreciation
and
amortization 122 108 110 448 432
EBITDA(1) $225 $104 $303 $889 $1,187
==== ==== ==== ==== ======
See end of press release for footnote
explanations
Table 6 - Selected Balance Sheet Items
--------------------------------------
December 31, September 30, December 31,
In millions 2013 2013 2012
----------- ---- ---- ----
(unaudited)
Cash $529 $406 $396
Accounts and notes receivable, net 1,575 1,703 1,583
Inventories 1,741 1,695 1,819
Other current assets 314 322 321
Property, plant and equipment, net 3,824 3,745 3,745
Other assets 1,205 1,150 1,020
Total assets $9,188 $9,021 $8,884
====== ====== ======
Accounts payable $1,067 $1,034 $1,102
Other current liabilities 815 768 791
Current portion of debt 277 295 288
Long-term debt 3,633 3,574 3,414
Other liabilities 1,267 1,387 1,393
Total equity 2,129 1,963 1,896
Total liabilities and equity $9,188 $9,021 $8,884
====== ====== ======
Table 7 - Outstanding Debt
--------------------------
December 31, September 30, December 31,
In
millions 2013 2013 2012
--------- ---- ---- ----
(unaudited)
Debt:
Senior
credit
facilities $1,351 $1,701 $1,565
Accounts
receivable
programs 248 244 241
Senior
notes 1,061 646 568
Senior
subordinated
notes 891 891 892
Variable
interest
entities 247 256 270
Other
debt 112 131 166
Total
debt -
excluding
affiliates 3,910 3,869 3,702
----- ----- -----
Total
cash 529 406 396
--- --- ---
Net
debt-
excluding
affiliates $3,381 $3,463 $3,306
====== ====== ======
Table 8 - Summarized Statement of Cash Flows
--------------------------------------------
Three months ended Year ended
December 31, December
31,
---------
In millions, unaudited 2013 2013 2012
---------------------- ---- ---- ----
Total cash at beginning of
period $406 $396 $562
Net cash provided by operating
activities 320 708 774
Net cash used in investing
activities (178) (566) (471)
Net cash used in financing
activities (18) (6) (473)
Effect of exchange rate changes
on cash (1) (3) 3
Change in restricted cash - - 1
Total cash at end of period $529 $529 $396
==== ==== ====
Supplemental cash flow
information:
Cash paid for interest $(35) $(187) $(209)
Cash paid for income taxes (18) (78) (224)
Cash paid for capital
expenditures (176) (471) (412)
Depreciation and amortization 122 448 432
Changes in primary working
capital:
Accounts and notes receivable 135 (11) -
Inventories (41) 77 (248)
Accounts payable 6 (12) 146
Total cash provided by (used on)
primary working capital $100 $54 $(102)
==== === =====
Footnotes
---------
(1) We use EBITDA and adjusted EBITDA to
measure the operating performance of
our business. 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)
attributable to Huntsman Corporation
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 EBITDA, adjusted
EBITDA and adjusted net income.
Additional information with respect
to our use of each of these
financial measures follows:
EBITDA is defined as net income
(loss) attributable to Huntsman
Corporation before interest, income
taxes, and depreciation and
amortization. EBITDA as used herein
is not necessarily comparable to
other similarly titled measures of
other companies. The reconciliation
of EBITDA to net income (loss)
attributable to Huntsman Corporation
is set forth in Table 5 above.
Adjusted EBITDA is computed by
eliminating the following from
EBITDA: acquisition expenses and
purchase accounting inventory
adjustments; loss (gain) on initial
consolidation of subsidiaries;
EBITDA from discontinued operations;
loss (gain) on disposition of
businesses/assets; loss on early
extinguishment of debt;
extraordinary loss (gain) on the
acquisition of a business; certain
legal settlements and related
expenses; amortization of pension
and postretirement actuarial losses
(gains); and restructuring,
impairment, plant closing and
transition costs (credits). The
reconciliation of adjusted EBITDA to
EBITDA is set forth in Table 4
above.
Adjusted net income (loss) is
computed by eliminating the after
tax impact of the following items
from net income (loss) attributable
to Huntsman Corporation: acquisition
expenses and purchase accounting
inventory adjustments; loss (gain)
on initial consolidation of
subsidiaries; loss (income) from
discontinued operations; discount
amortization on settlement financing
associated with the terminated
merger; loss (gain) on disposition
of businesses/assets; loss on early
extinguishment of debt;
extraordinary loss (gain) on the
acquisition of a business; certain
legal settlements and related
expenses; amortization of pension
and postretirement actuarial losses
(gains); and restructuring,
impairment, plant closing and
transition costs (credits). We do
not adjust for changes in tax
valuation allowances because we do
not believe it provides more
meaningful information than is
provided under GAAP. The
reconciliation of adjusted net
income (loss) to net income (loss)
attributable to Huntsman Corporation
common stockholders is set forth in
Table 4 above.
(2) During the first quarter 2010 we
closed our Australian styrenics
operations; results from this
business are treated as discontinued
operations.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 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 75 manufacturing and R&D facilities in over 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward Looking Statements:
Statements in this release that are not historical are forward-looking statements. 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 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, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
SOURCE Huntsman Corporation
