HUNTSMAN CORPORATION THE WOODLANDS, Texas, April 30, 2015 /PRNewswire/ --
First quarter 2015 Highlights
-- Adjusted EBITDA was $285 million compared to $329 million in the prior
year period. The decrease was primarily attributable to an estimated
adjusted EBITDA impact of approximately $60 million from a planned
maintenance outage at our Port Neches, Texas facility, partially offset
by earnings from the performance additives and titanium dioxide
businesses that we acquired from Rockwood.
-- Adjusted diluted income per share was $0.40 compared to $0.43 in the
prior year period.
-- Net income attributable to Huntsman Corporation was $5 million compared
to net income of $54 million in the prior year period.
-- The stronger U.S. dollar reduced adjusted EBITDA by an estimated $17
million compared to the prior year period.
Three months ended
------------------
March 31, December 31,
---------
In millions,
except per share
amounts,
unaudited 2015 2014 2014
----------------- ---- ---- ----
Revenues $2,589 $2,755 $2,951
Net income (loss)
attributable to
Huntsman
Corporation $5 $54 $(38)
Adjusted net
income(1) $98 $105 $81
Diluted income
(loss) per share $0.02 $0.22 $(0.16)
Adjusted diluted
income per
share(1) $0.40 $0.43 $0.33
EBITDA(1) $159 $261 $141
Adjusted
EBITDA(1) $285 $329 $292
See end of press
release for
footnote
explanations
Huntsman Corporation (NYSE: HUN) today reported first quarter 2015 results with revenues of $2,589 million and adjusted EBITDA of $285 million.
Peter R. Huntsman, our President and CEO, commented:
"I am pleased with the strong first quarter earnings demonstrated by our differentiated businesses which include MDI urethanes, Performance Products, Advanced Materials and Textile Effects. EBITDA from these businesses improved approximately $30 million compared to the prior year. We continue to see strength in the markets we are serving and are encouraged by future growth prospects.
Business conditions remain challenging in the titanium dioxide market; however I am encouraged that our earnings improved approximately $10 million compared to the fourth quarter. We have taken aggressive self- help measures to deliver $175 million of expected incremental synergies and restructuring savings by the middle of 2016. I see a clear path forward to an improvement in earnings within our Pigments and Additives business.
During the first quarter we completed planned maintenance at our PO/MTBE facility in Port Neches, Texas. We experienced some delays in the restart of the facility during April. We are currently operating at normal rates and estimate the EBITDA impact from the delayed startup to be approximately $35 million in the second quarter."
Segment Analysis for 1Q15 Compared to 1Q14
Polyurethanes
The decrease in revenues in our Polyurethanes division for the three months ended March 31, 2015 compared to the same period in 2014 was primarily due to a scheduled maintenance outage at our PO/MTBE facility in Port Neches, Texas in the first quarter of 2015. MDI sales volumes increased due to improved demand in the Americas and European regions and across most major markets. PO/MTBE sales volumes decreased due to the scheduled maintenance outage. PO/MTBE average selling prices decreased following lower pricing for high octane gasoline. MDI average selling prices decreased in response to lower raw material costs and the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The decrease in Adjusted EBITDA was primarily due to lower PO/MTBE earnings, partially offset by higher MDI contribution margins. We estimate the reduction to Adjusted EBITDA from the planned PO/MTBE maintenance outage to be approximately $60 million in the first quarter 2015.
Performance Products
The decrease in revenues in our Performance Products division for the three months ended March 31, 2015 compared to the same period in 2014 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to the sale of our European surfactants business in the second quarter of 2014, partially offset by increased sales volumes in amines and maleic anhydride. Average selling prices decreased in response to lower raw material costs and the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The increase in adjusted EBITDA was primarily due to higher sales volumes and higher contribution margins in our amines and maleic anhydride businesses.
Advanced Materials
The decrease in revenues in our Advanced Materials division for the three months ended March 31, 2015 compared to the same period in 2014 was primarily due to lower sales volumes. Sales volumes decreased primarily due to the de-selection of certain business and our restructuring efforts. Average selling prices increased in all regions on a local currency basis and across most markets primarily due to certain price increase initiatives and our focus on higher value markets but was offset by the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The increase in adjusted EBITDA was primarily due to higher contribution margins from our focus on higher value business and lower fixed costs.
Textile Effects
The decrease in revenues in our Textile Effects division for the three months ended March 31, 2015 compared to the same period in 2014 was primarily due to lower sales volumes. Sales volumes decreased primarily due to the de-selection of lower value business and destocking within the fibers and dyes supply chain. Average selling prices increased due to the implementation of price increases but was offset by the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The increase in adjusted EBITDA was primarily due to higher contribution margins from our focus on higher value business and lower fixed costs.
Pigments and Additives
Pro forma for the acquisition of Rockwood Performance Additives and Titanium Dioxide businesses, revenues decreased in our Pigments and Additives division for the three months ended March 31, 2015 compared to the same period in 2014 due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily as a result of lower end use demand in Europe which is our largest market. Average selling prices decreased primarily as a result of high titanium dioxide industry inventory levels and the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The decrease in pro forma adjusted EBITDA was primarily due to lower contribution margins for titanium dioxide.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other increased by $7 million to a loss of $37 million for the three months ended March 31, 2015 compared to a loss of $44 million for the same period in 2014. The increase in adjusted EBITDA was primarily the result of a net benefit from LIFO inventory valuation income and loss from benzene sales of $7 million.
Liquidity, Capital Resources and Outstanding Debt
As of March 31, 2015, we had $1,806 million of combined cash and unused borrowing capacity compared to $1,601 million at December 31, 2014.
On March 31, 2015 we issued EUR300 million (approximately $326 million) of 4.25% senior notes due 2025. We used the proceeds to redeem $289 million of our outstanding 8.625% senior subordinated notes due 2021 and pay associated accrued interest in April. We expect to save approximately $11 million in annual interest expense as a result of this refinancing.
Total capital expenditures for the three months ended March 31, 2015 were $149 million. We expect to spend approximately $525 million on base capital expenditures in 2015, net of reimbursements. In addition, in 2015 we expect to spend approximately $100 million combined on our new Chinese MDI facility, the completion of our Augusta, Georgia color pigments facility and replacement of Rockwood computer systems.
Based on the preliminary allocation of the purchase accounting for the Rockwood Performance Additives and Titanium Dioxide businesses; we expect our annual depreciation and amortization rate to be approximately $400 million.
Income Taxes
During the three months ended March 31, 2015, we recorded an income tax expense of $2 million and paid $11 million in cash for income taxes. Our adjusted effective income tax rate for the three months ended March 31, 2015 was 25%.
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 first quarter 2015 financial results on Thursday, April 30, 2015 at 11:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 713 - 4213
International participants (617) 213 - 4865
Passcode 50577489
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=PJ3979ADY
Webcast Information
The conference call will be available via webcast and can be accessed from the company's website at ir.huntsman.com.
Replay Information
The conference call will be available for replay beginning April 30, 2015 and ending May 7, 2015.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 22645057
Upcoming Conferences
During the second quarter a member of management will present at the following conferences:
-- Wells Fargo Industrial and Construction Conference, May 5, 2015
-- Goldman Sachs Basic Materials Conference, May 19, 2015
-- Deutsche Bank Global Industrials and Basic Materials Conference, June 3,
2015
-- Jefferies Industrials Conference, August 11, 2015
A webcast of the presentations, where applicable, along with accompanying materials will be available at ir.huntsman.com.
Table 1 - Results of Operations
-------------------------------
Three months ended
March 31,
---------
In millions, except per share
amounts, unaudited 2015 2014
----------------------------- ---- ----
Revenues $2,589 $2,755
Cost of goods sold 2,139 2,305
----- -----
Gross profit 450 450
Operating expenses 280 261
Restructuring, impairment and plant
closing costs 93 39
--- ---
Operating income 77 150
Interest expense (56) (48)
Equity in income of investment in
unconsolidated affiliates 2 2
Loss on early extinguishment of debt (3) -
Other (expense) income (1) 1
Income before income taxes 19 105
Income tax expense (2) (36)
Income from continuing operations 17 69
Loss from discontinued operations,
net of tax(3) (2) (7)
Net income 15 62
Net income attributable to
noncontrolling interests, net of tax (10) (8)
Net income attributable to Huntsman
Corporation $5 $54
=== ===
Adjusted EBITDA(1) $285 $329
Adjusted net income(1) $98 $105
Basic income per share $0.02 $0.22
Diluted income per share $0.02 $0.22
Adjusted diluted income per share(1) $0.40 $0.43
Common share information:
Basic shares outstanding 243.9 240.9
Diluted shares 247.2 244.5
Diluted shares for adjusted diluted
income per share 247.2 244.5
See end of press release for footnote
explanations
Table 2 - Results of Operations by Segment
------------------------------------------
Three months ended
March 31, Better /
---------
In millions,
unaudited 2015 2014 (Worse)
------------ ---- ---- ------
Segment Revenues:
Polyurethanes $890 $1,200 (26)%
Performance
Products 656 765 (14)%
Advanced Materials 290 319 (9)%
Textile Effects 206 224 (8)%
Pigments &
Additives 572 318 80%
Eliminations and
other (25) (71) 65%
--- ---
Total $2,589 $2,755 (6)%
====== ======
Segment Adjusted EBITDA(1):
Polyurethanes $105 $167 (37)%
Performance
Products 121 118 3%
Advanced Materials 58 46 26%
Textile Effects 17 16 6%
Pigments &
Additives 21 26 (19)%
Corporate, LIFO
and other (37) (44) 16%
Total $285 $329 (13)%
==== ====
See end of press release for footnote
explanations
Table 3 - Pro Forma (2) Results of Operations by Segment
--------------------------------------------------------
Three months ended
March 31, Better /
---------
In millions, unaudited, pro forma 2015 2014 (Worse)
--------------------------------- ---- ---- ------
Segment Revenues:
Polyurethanes $890 $1,207 (26)%
Performance Products 656 765 (14)%
Advanced Materials 290 319 (9)%
Textile Effects 206 224 (8)%
Pigments & Additives 572 689 (17)%
Eliminations and other (25) (71) 65%
--- ---
Pro forma total $2,589 $3,133 (17)%
====== ======
Segment Adjusted EBITDA(2):
Polyurethanes $105 $169 (38)%
Performance Products 121 118 3%
Advanced Materials 58 46 26%
Textile Effects 17 16 6%
Pigments & Additives 21 73 (71)%
Corporate, LIFO and other (37) (44) 16%
Pro forma total $285 $378 (25)%
==== ====
See end of press release for footnote explanations
Table 4 - Factors Impacting Sales Revenues
------------------------------------------
Three months ended
March 31, 2015 vs. 2014
-----------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other(c) Volume(b) Total
--------- -------- ---- --------- -------- -----
Polyurethanes (4)% (6)% 6% (22)% (26)%
Performance Products (2)% (5)% 2% (9)% (14)%
Advanced Materials 5% (7)% (1)% (6)% (9)%
Textile Effects 3% (4)% 4% (11)% (8)%
Pigments & Additives (7)% (8)% 104% (9)% 80%
Total Company (2)% (6)% 9% (7)% (6)%
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
(c) Includes full revenue impact from the October 1, 2014 acquisition of the Performance Additives and
Titanium Dioxide businesses of Rockwood Holdings, Inc.
Table 5 - Factors Impacting Pro Forma (2) Sales Revenues
--------------------------------------------------------
Three months ended
March 31, 2015 vs. 2014
-----------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Unaudited, pro forma Currency Rate & Other Volume(b) Total
-------------------- -------- ---- ------- -------- -----
Polyurethanes (10)% NA 6% (22)% (26)%
Performance Products (7)% NA 2% (9)% (14)%
Advanced Materials (2)% NA (1)% (6)% (9)%
Textile Effects (1)% NA 4% (11)% (8)%
Pigments & Additives (17)% NA 1% (1)% (17)%
Total Company (10)% NA 7% (14)% (17)%
NA = foreign exchange rate data not available
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
Table 6 - Reconciliation of U.S. GAAP to Non-GAAP Measures
----------------------------------------------------------
Income Tax Net Income Diluted Income
EBITDA Expense Attrib. to HUN Corp. Per Share
------ ------- -------------------- ---------
Three months ended Three months ended Three months ended Three months ended
March 31, March 31, March 31, March 31,
--------- --------- --------- ---------
In millions, except per share
amounts, unaudited 2015 2014 2015 2014 2015 2014 2015 2014
----------------------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $159 $261 $(2) $(36) $5 $54 $0.02 $0.22
Adjustments:
Acquisition and integration
expenses, purchase accounting
adjustments 9 8 (2) (2) 7 6 0.03 0.02
Loss from discontinued
operations, net of tax(3) 1 7 N/A N/A 2 7 0.01 0.03
Loss on early extinguishment of
debt 3 - (1) - 2 - 0.01 -
Certain legal settlements and
related expenses 1 - - - 1 - - -
Amortization of pension and
postretirement actuarial
losses 18 13 (5) (4) 13 9 0.05 0.04
Restructuring, impairment and
plant closing and transition
costs 94 40 (26) (11) 68 29 0.28 0.12
Adjusted(1) $285 $329 $(36) $(53) $98 $105 $0.40 $0.43
==== ==== ==== ==== === ==== ----- -----
Adjusted income tax expense 36 53
Net income attributable to
noncontrolling interests, net
of tax 10 8
Adjusted pre-tax income(1) $144 $166
==== ====
Adjusted effective tax rate 25% 32%
Income Tax Net (Loss) Income Diluted (Loss) Income
EBITDA Expense Attrib. to HUN Corp. Per Share
------ ------- -------------------- ---------
Three months ended Three months ended Three months ended Three months ended
December 31, December 31, December 31, December 31,
In millions, except per share
amounts, unaudited 2014 2014 2014 2014
----------------------------- ---- ---- ---- ----
GAAP(1) $141 $(12) $(38) $(0.16)
Adjustments:
Acquisition and integration
expenses, purchase accounting
adjustments 40 (4) 36 0.15
Loss from discontinued
operations, net of tax(2) 1 N/A 1 -
Gain on disposition of
businesses/assets (1) - (1) -
Loss on early extinguishment of
debt 28 (10) 18 0.07
Amortization of pension and
postretirement actuarial
losses 14 - 14 0.06
Restructuring, impairment and
plant closing and transition
costs 69 (18) 51 0.21
Adjusted(1) $292 $(44) $81 $0.33
==== ==== === -----
Adjusted income tax expense 44
Net income attributable to
noncontrolling interests, net
of tax 3
Adjusted pre-tax income(1) $128
====
Adjusted effective tax rate 34%
See end of press release for
footnote explanations
Table 7 - Pro Forma (2) Reconciliation of U.S. GAAP to Non-GAAP Measures
------------------------------------------------------------------------
Pro Forma EBITDA
----------------
Three months ended
March 31,
---------
In millions, except per
share amounts, unaudited,
pro forma 2015 2014
-------------------------- ---- ----
GAAP(1) $159 $308
Adjustments:
Allocation of Rockwood
general corporate overhead - 7
Acquisition and integration
expenses, purchase
accounting adjustments 9 2
Loss from discontinued
operations, net of tax(3) 1 7
Loss on early extinguishment
of debt 3 -
Certain legal settlements
and related expenses 1 -
Amortization of pension and
postretirement actuarial
losses 18 14
Restructuring, impairment
and plant closing and
transition costs 94 40
Pro forma adjusted(2) $285 $378
==== ====
Pro Forma EBITDA
----------------
Three months ended
December 31,
In millions, except per
share amounts, unaudited
pro forma 2014
------------------------- ----
GAAP(1) $191
Adjustments:
Acquisition and integration
expenses, purchase
accounting adjustments (2)
Loss from discontinued
operations, net of tax(2) 1
Gain on disposition of
businesses/assets (1)
Loss on early extinguishment
of debt 28
Amortization of pension and
postretirement actuarial
losses 14
Restructuring, impairment
and plant closing and
transition costs 69
Pro forma adjusted(2) $300
====
See end of press release for
footnote explanations
Table 8 - Reconciliation of Net Income to EBITDA
------------------------------------------------
Three months ended
------------------
March 31, December 31,
---------
In
millions,
unaudited 2015 2014 2014
---------- ---- ---- ----
Net
income
(loss)
attributable
to
Huntsman
Corporation $5 $54 $(38)
Interest
expense 56 48 57
Income
tax
expense
from
continuing
operations 2 36 12
Income
tax
expense
from
discontinued
operations(3) 1 - -
Depreciation
and
amortization 95 123 110
EBITDA(1) 159 261 141
--- --- ---
Pro
forma
adjustments
to:
Net
income
(loss)
attributable
to
Huntsman
Corporation - 15 26
Interest
expense - 15 1
Income
tax
expense
from
continuing
operations - 9 13
Depreciation
and
amortization - 8 10
Pro
forma
EBITDA(2) $159 $308 $191
==== ==== ====
See end
of press
release
for
footnote
explanations
Table 9 - Selected Balance Sheet Items
--------------------------------------
March 31, December 31,
In millions 2015 2014
----------- ---- ----
(unaudited)
Cash $1,003 $870
Accounts and notes
receivable, net 1,668 1,707
Inventories 1,869 2,025
Other current assets 347 437
Property, plant and
equipment, net 4,250 4,423
Other assets 1,614 1,540
Total assets $10,751 $11,002
======= =======
Accounts payable $1,191 $1,275
Other current
liabilities 754 790
Current portion of debt 529 267
Long-term debt 4,829 4,933
Other liabilities 1,675 1,786
Total equity 1,773 1,951
Total liabilities and
equity $10,751 $11,002
======= =======
Table 10 - Outstanding Debt
---------------------------
March 31, December 31,
In millions 2015 2014
----------- ---- ----
(unaudited)
Debt:
Senior credit facilities $2,512 $2,528
Accounts receivable programs 214 229
Senior notes 1,862 1,596
Senior subordinated notes 493 531
Variable interest entities 198 207
Other debt 79 109
Total debt - excluding affiliates 5,358 5,200
----- -----
Total cash 1,003 870
----- ---
Net debt- excluding affiliates $4,355 $4,330
====== ======
Table 11 - Summarized Statement of Cash Flows
---------------------------------------------
Three months ended
March 31,
---------
In millions, unaudited 2015 2014
---------------------- ---- ----
Total cash at beginning of period(a) $870 $529
Net cash provided by (used in) operating
activities 34 (67)
Net cash used in investing activities (81) (104)
Net cash provided by (used in) financing
activities 189 (71)
Effect of exchange rate changes on cash (8) (1)
Change in restricted cash (1) -
Total cash at end of period(a) $1,003 $286
====== ====
Supplemental cash flow information:
Cash paid for interest $(48) $(54)
Cash paid for income taxes (11) (46)
Cash paid for capital expenditures (149) (107)
Depreciation and amortization 95 123
Changes in primary working capital:
Accounts and notes receivable $(49) $(149)
Inventories 54 (172)
Accounts payable (2) 107
Total cash provided by (used in) primary
working capital $3 $(214)
=== =====
(a) Includes restricted cash.
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: (a) acquisition and
integration expenses, purchase accounting
adjustments; (b) loss (gain) on initial
consolidation of subsidiaries; (c) EBITDA
from discontinued operations; (d) loss (gain)
on disposition of businesses/assets; (e)
loss on early extinguishment of debt; (f)
extraordinary loss (gain) on the acquisition
of a business; (g) certain legal settlements
and related expenses; (h) amortization of
pension and postretirement actuarial losses
(gains); and (i) 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: (a)
acquisition and integration expenses,
purchase accounting adjustments; (b) impact
of certain foreign tax credit elections; (c)
loss (gain) on initial consolidation of
subsidiaries; (d) loss (income) from
discontinued operations; (e) discount
amortization on settlement financing
associated with the terminated merger; (f)
loss (gain) on disposition of businesses/
assets; (g) loss on early extinguishment of
debt; (h) extraordinary loss (gain) on the
acquisition of a business; (i) certain legal
settlements and related expenses; (j)
amortization of pension and postretirement
actuarial losses (gains); and (k)
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) Pro forma adjusted as if it had occurred at
the beginning of the relevant period to (a)
include the October 1, 2014 acquisition of
the Performance Additives and Titanium
Dioxide businesses of Rockwood Holdings,
Inc.; (b) to exclude the related sale of our
TR52 product line - used in printing inks -
to Henan Billions Chemicals Co., Ltd. in
December 2014; (c) to exclude the allocation
of general corporate overhead by Rockwood.
(3) 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 2014 revenues of approximately $13 billion including the acquisition of Rockwood's performance additives and titanium dioxide businesses. 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 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Social Media:
Twitter: twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
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. 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
