Woodlands-Based Huntsman Merges With Clariant To Create Chemicals Giant

TH WOODLANDS, TX — The Woodlands-based Huntsman Corporation announced Monday that they are merging with Clariant of Switzerland, as part of Huntsman’s consolidation efforts in the chemical industry.

The new deal, which has been referred to as “a merger of equals” by both entities will have a combined market value of $14 billion., and result in a cost savings of $400 million.

Numerous media outlets including the Wall Street Journal, the New York Times and Bloomberg reported last weekend that talks were underway and a potential merger was surely expected.

The merger created HuntsmanClariant, with Clariant owning 52 percent of the company’s shares, with Peter Huntsman tapped to serve as Chief Executive Officer, while Clariant’s Chief Executive Hariolf Kottmann will serve as chairman, according to a Bloomberg report.

The board of directors will have representatives from both Huntsman and Clariant and will employ 32,000 people worldwide, according to a New York Times report.

Together, HuntsmanClariant will produce resins and chemicals that can be used in other industries, and are also hopeful that the combined influence can be used to broker new deals

HuntsmanClariant will be headquartered in Switzerland, with its operational headquarters in The Woodlands, and will also have dual stock listings in Zurich and in New York.

The deal is expected to close later this year.

Image: Chemical Heritage Foundation via Wikimedia Commons

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