Huntsman

Huntsman Corporation is a United States-based multinational chemical manufacturer and marketer serving industrial and consumer customers. Its portfolio is centered on differentiated and specialty chemical products used in insulation, construction, transportation, aerospace, automotive, electrical systems, coatings, adhesives, detergents, personal care, agriculture, energy, and other industrial applications. The company’s principal activities are organized around Advanced Materials, Polyurethanes, and Performance Products. The business began in 1970 as Huntsman Container Corporation, established by brothers Alonzo Blaine Huntsman Jr. and Jon Huntsman Sr. It subsequently moved beyond containers and packaging through a long series of acquisitions, integrations, and divestitures. A major early expansion occurred in 1994, when Huntsman acquired Texaco Chemical. In 1999, it acquired major global businesses from Imperial Chemical Industries, including polyurethanes, titanium dioxide, aromatics, and related petrochemical operations. These transactions significantly broadened Huntsman’s geographic reach and product base. Huntsman became a publicly traded company on the New York Stock Exchange in February 2005. Its later development combined organic operations with portfolio reshaping. The company acquired the Advanced Materials business associated with Vantico in 2003, strengthening its epoxy and formulated polymer capabilities. In 2014, it purchased Rockwood Holdings’ Performance Additives and Titanium Dioxide businesses. The pigments and additives operations were subsequently separated from Huntsman through the 2017 initial public offering of Venator Materials. The Polyurethanes division supplies methylene diphenyl diisocyanate-based precursors and systems. These materials are used in rigid and flexible insulation, appliances, construction products, transportation components, furniture, footwear, and other applications. Advanced Materials supplies formulated epoxy, acrylic, and polyurethane systems, structural adhesives, composites, coatings, and other polymer technologies. Its products are used where customers seek lighter weight, durability, thermal performance, chemical resistance, or bonding strength in place of traditional materials. Performance Products supplies amines, carbonates, surfactants, and maleic anhydride for applications ranging from agrochemicals and oil and gas to detergents, personal care, adhesives, coatings, mining, and polymer curing. Huntsman also operates consumer-facing and building-related product businesses. Its epoxy adhesive products are sold under the Araldite name in markets including India, Brazil, and parts of Europe. In 2020, the company created Huntsman Building Solutions by combining its spray polyurethane foam insulation business with Demilec, acquired in 2018, and Icynene-Lapolla, acquired in 2020. This expanded its presence in building-envelope insulation and energy-efficiency applications. The company’s attempted transactions have also shaped its corporate history. A proposed acquisition by Access Industries in 2007 was replaced by an agreement involving Apollo Global Management and Hexion Specialty Chemicals. That transaction was terminated in 2008, leading to litigation and a later settlement. In 2017, Huntsman and Clariant announced a proposed merger of equals, but the agreement was ended later that year. Huntsman remains an independent publicly listed chemical company with manufacturing, research, and operational facilities across more than 25 countries and a global customer base that includes major companies in automotive, consumer products, energy, and industrial manufacturing.

Huntsman Corporation originated in 1970 as Huntsman Container Corporation, founded by brothers Alonzo Blaine Huntsman Jr. and Jon Huntsman Sr. Although the company’s initial identity was associated with containers, its long-term development came from moving into large-scale chemical manufacturing and acquiring established chemical assets. The Huntsman name eventually became associated with a broad portfolio of polyurethane, performance, pigment, adhesive, and advanced-material technologies. A decisive expansion took place in April 1994, when Huntsman acquired Texaco Chemical. The transaction brought additional petrochemical capabilities and helped establish the company as a more substantial integrated chemical producer. Huntsman later acquired Texaco’s remaining petrochemicals plant in 1999. That same year, the company purchased a collection of global businesses from Imperial Chemical Industries, including polyurethanes, titanium dioxide, aromatics, and petrochemical operations. The transaction made Huntsman one of the largest petrochemical businesses in the United States at the time and greatly increased its international footprint. Huntsman strengthened its specialty-materials capabilities in 2003 by acquiring the Advanced Materials business from Vantico. The resulting portfolio included epoxy, acrylic, and polyurethane-based systems used in composites, adhesives, coatings, electrical equipment, transportation, and other demanding applications. The company went public on the New York Stock Exchange in February 2005, giving Huntsman access to public capital while it continued to manage a portfolio assembled through acquisitions. The company’s corporate history includes a major failed takeover process. In 2007, Huntsman agreed to be acquired by Access Industries’ chemical unit, Basell, but that agreement was replaced by a transaction involving Apollo Global Management and Hexion Specialty Chemicals. The Hexion transaction was terminated in 2008. Huntsman alleged that Apollo had interfered with or never intended to complete the transaction, while Hexion attributed the termination to Huntsman’s deteriorating financial position. The dispute led to litigation in Texas and was resolved in December 2008 through an agreement that included cash payments and an investment in Huntsman in return for the company abandoning its claims. Huntsman continued to adjust its portfolio through acquisitions and divestitures. On October 1, 2014, it acquired Rockwood Holdings’ Performance Additives and Titanium Dioxide businesses. The deal expanded Huntsman’s pigments and additives operations and made the combined business a major global producer of color and white pigments. In 2017, Huntsman and Clariant announced plans to merge as equals in a proposed specialty-chemicals combination. The agreement was terminated on October 27 of that year. Huntsman also separated its Pigments and Additives division through the August 2017 initial public offering of Venator Materials. In building materials, Huntsman acquired Demilec in 2018 and Icynene-Lapolla in February 2020. It combined these activities with its existing spray polyurethane foam operations and introduced Huntsman Building Solutions in May 2020. The move positioned the company more clearly in insulation and building-envelope products, particularly those designed to improve energy efficiency. In 2021, activist investor Starboard Value disclosed a significant Huntsman stake and sought board seats, but did not obtain representation and subsequently exited the investment. In 2022, Huntsman faced criticism over its continued Russian operations following Russia’s invasion of Ukraine. Peter Huntsman publicly condemned the invasion and defended the company’s compliance position. In 2023, Venator Materials, the former Huntsman pigments and additives company, entered Chapter 11 proceedings. Huntsman itself continues as an independent, publicly traded chemical manufacturer with three principal business divisions and operations spanning more than 25 countries.

1. 2023Venator enters Chapter 11

   Venator Materials, formerly Huntsman’s pigments and additives business, files for Chapter 11 bankruptcy protection.

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2. 2021Starboard discloses an activist stake

   Starboard Value discloses a significant stake and seeks board representation, but later leaves the investment without securing board seats.

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3. 2020Huntsman Building Solutions is created

   Huntsman combines its spray foam business with Demilec and Icynene-Lapolla activities under the Huntsman Building Solutions name.

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4. 2018Demilec acquisition

   Huntsman acquires Demilec, expanding its spray polyurethane foam insulation business.

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5. 2017Venator is spun off

   Huntsman separates its Pigments and Additives division through the initial public offering of Venator Materials.

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6. 2017Proposed Clariant merger is terminated

   A proposed merger of equals between Huntsman and Clariant ends without completion.

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7. 2014Rockwood pigments and additives acquisition

   Huntsman acquires Rockwood Holdings’ Performance Additives and Titanium Dioxide businesses, broadening its pigments and additives portfolio.

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8. 2005Huntsman goes public

   Huntsman Corporation begins trading on the New York Stock Exchange under the symbol HUN.

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9. 2003Vantico Advanced Materials acquisition

   Huntsman acquires the Advanced Materials business associated with Vantico, strengthening its formulated polymers, epoxy, and adhesive activities.

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10. 1999Acquisition of major ICI chemical businesses

    Huntsman acquires ICI’s global polyurethanes, titanium dioxide, aromatics, and petrochemical businesses for approximately $2.8 billion.

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11. 1994Acquisition of Texaco Chemical

    Huntsman acquires Texaco Chemical for approximately $1.1 billion, substantially expanding its chemical and petrochemical operations.

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12. 1970Huntsman Container Corporation is founded

    Alonzo Blaine Huntsman Jr. and Jon Huntsman Sr. establish the company that later becomes Huntsman Corporation.

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A global supplier of differentiated and specialty chemical technologies that improve insulation, bonding, durability, lightweighting, energy efficiency, and performance across industrial and consumer applications.

• PolyurethanesPolyurethane chemicals and systems

  Huntsman’s Polyurethanes business supplies MDI-based polyurethane precursors, formulations, and systems. These materials support rigid and flexible insulation, construction products, appliances, automotive and transportation components, furniture, footwear, and other applications. The business serves customers that use polyurethane to obtain thermal insulation, cushioning, structural strength, lightweighting, durability, or process advantages.

• Advanced MaterialsFormulated polymers and composites2003

  Advanced Materials provides synthetic and formulated polymer systems based on epoxy, acrylic, and polyurethane chemistries. Its products include structural adhesives, composite matrices, coatings, encapsulants, and other engineered formulations used in aircraft, automobiles, electrical power transmission, electronics, and industrial equipment. The offering is positioned around high performance, bonding, corrosion resistance, durability, and the replacement of heavier or less capable traditional materials.

• Performance ProductsPerformance chemicals

  The Performance Products division supplies amines, carbonates, surfactants, maleic anhydride, and related chemical intermediates. End uses include agrochemicals, oil and gas, alternative energy, household detergents, personal care, adhesives, coatings, mining, and curing systems for polyurethane and epoxy products. These ingredients are generally sold as enabling chemicals used to provide formulation, reaction, cleaning, wetting, or performance characteristics.

• AralditeEpoxy adhesives

  Araldite is Huntsman’s epoxy adhesive brand in selected consumer and professional markets. The range includes adhesive products intended for bonding, repair, assembly, and industrial use. The business has particular market presence in India, Brazil, and parts of Europe and is connected to Huntsman’s broader Advanced Materials epoxy technology platform.

• Huntsman Building SolutionsBuilding insulation2020

  Huntsman Building Solutions is the company’s building-envelope and spray polyurethane foam insulation platform. It was formed by bringing together Huntsman’s existing spray foam operations with Demilec and Icynene-Lapolla. Its products are designed for residential, commercial, and industrial insulation applications, where air sealing, moisture management, thermal performance, and energy efficiency are important.

• 2021Response to Starboard Value activismStrategy

  Starboard Value disclosed a stake of more than 8% and sought board representation at Huntsman.

  What changed. Huntsman faced the activist campaign without Starboard obtaining board seats.

  Aftermath. Starboard subsequently exited its position in Huntsman.

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• 2020Creation of Huntsman Building SolutionsStrategy

  Huntsman sought to consolidate its spray polyurethane foam and building-insulation activities.

  What changed. The company combined its existing spray foam business with the Demilec and Icynene-Lapolla operations under the Huntsman Building Solutions name.

  Aftermath. The combined platform expanded Huntsman’s position in insulation and energy-efficiency products for buildings.

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• 2017Proposed merger with ClariantM&A

  Huntsman and Clariant sought to combine their specialty-chemicals operations in a merger of equals.

  What changed. The companies announced a proposed combination, but terminated the merger agreement on October 27, 2017.

  Aftermath. Huntsman remained an independent public company and continued with its own portfolio strategy.

  Proposed transaction value. Approximately $20 billion (2017 proposed merger)

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• 2017Spin-off of Pigments and AdditivesStrategy

  Huntsman reviewed its portfolio and separated its pigments and additives activities from the remaining chemical businesses.

  What changed. The division was spun off through the initial public offering of Venator Materials.

  Aftermath. Venator became a separate company focused on titanium dioxide and performance additives.

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• 2014Acquisition of Rockwood Performance Additives and Titanium DioxideM&A

  Huntsman sought to expand its pigments, additives, and specialty-materials portfolio.

  What changed. The company acquired Rockwood Holdings’ Performance Additives and Titanium Dioxide businesses.

  Aftermath. The transaction made Huntsman a major global producer of color and white pigments before the businesses were later separated into Venator Materials.

  Cash consideration. Approximately $1 billion (2014 transaction)

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• 2007Pursuit of a sale to Access Industries and Apollo-backed HexionM&A

  Huntsman became the subject of competing acquisition activity involving Access Industries’ chemical unit and Apollo Global Management-backed Hexion Specialty Chemicals.

  What changed. The Access transaction was replaced by an agreement for Hexion to acquire Huntsman. The Hexion transaction was later terminated.

  Aftermath. Huntsman sued Apollo and related parties, alleging improper conduct surrounding the failed transaction. The dispute was settled in 2008.

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• 2022Continued Russian operations after the invasion of UkraineControversy

  Huntsman was criticized by a Yale-linked company tracker for continuing operations in Russia after the 2022 invasion of Ukraine. Peter Huntsman condemned the invasion and stated that the company was complying with applicable United States and European Union laws, that its products had no military applications, and that employees in Russia and Ukraine depended on the business.

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• 2023Venator Materials files for Chapter 11 bankruptcy

  Venator Materials, the former Huntsman pigments and additives business, filed for Chapter 11 bankruptcy protection in May 2023.

  Bankruptcy
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• 2021Activist investor Starboard discloses a stake in Huntsman

  Starboard Value disclosed an ownership position of more than 8% and sought board representation. The campaign did not result in Starboard obtaining seats, and the investor later exited its position.

  Other
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• 2020Huntsman creates Huntsman Building Solutions

  The company consolidated its spray polyurethane foam insulation activities under the Huntsman Building Solutions name after combining the Demilec and Icynene-Lapolla businesses.

  M&AProduct launch
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• 2017Huntsman and Clariant announce a proposed merger of equals

  The two chemical companies announced a proposed combination valued at approximately $20 billion, with the intention of creating a large global specialty-chemicals group. The agreement was terminated in October 2017.

  M&A
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• 2017Huntsman separates its pigments and additives business through the Venator IPO

  Huntsman spun off its Pigments and Additives division through an initial public offering of Venator Materials, creating a separately listed company focused on titanium dioxide and performance additives.

  M&A
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• 2008Huntsman settles litigation connected with the terminated Apollo-Hexion transaction

  After the proposed acquisition by Apollo-backed Hexion Specialty Chemicals was terminated, Huntsman pursued litigation alleging that the transaction had been improperly blocked. The parties reached a settlement in December 2008, under which Apollo and Hexion agreed to provide compensation and investment in exchange for the claims being dropped.

  LawsuitM&A
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1. Huntsman Corporation