Thailand’s Indorama offers $2 billion for Huntsman equity and assets

Chicago, Aug. 12 – Huntsman International LLC entered into an equity and asset purchase agreement with Indorama Ventures Holdings LP for $2 billion, according to an 8-K filing with the Securities and Exchange Commission.

According to the agreement, Indorama, a Delaware limited partnership, with parent Indorama Ventures PCL, a public company based in Thailand, will acquire from Huntsman all of the equity of the three Huntsman subsidiaries and certain assets and liabilities.

The assets and liabilities will be comprised of the manufacturing facilities located in Port Neches, Texas; Dayton, Texas; Chocolate Bayou, Texas; Ankleshwar, India; and Botany Australia.

The purchase price will also include up to approximately $75 million in underfunded pension and other post-employment benefit liabilities.

Indorama, as buyer, is expected to enter into a debt financing commitment for the transaction.

Indorama is a Bangkok-based vertically integrated polyester chain producer and wool yarns manufacturer. Huntsman International is a subsidiary of Huntsman Corp., a chemical products company based in the Woodlands, Texas.

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