I D
× COMMENTARY
Dorothy LozowskiLooking ahead
This has certainly been a year to remember, and as…
COVER STORYIN THE NEWSNEWSFRONTSCHEMENTATOR + Show More
Chemical EngineeringChementator Briefs
DESALINATION The challenge for large-scale desalination is to improve the…
BUSINESS NEWSTECHNICAL & PRACTICALFEATURE REPORTFACTS AT YOUR FINGERTIPSTECHNOLOGY PROFILEENVIRONMENTAL MANAGEREQUIPMENT & SERVICESFOCUS
Focus on Pumps
New sizes available for progressive-cavity pumps NEMO progressive-cavity pumps with…
NEW PRODUCTS + Show More

Comment uncategorized

Huntsman to divest adhesives business in India

By Mary Page Bailey |

Huntsman Corp. (The Woodlands, Tex.) announced that it has entered into a definitive agreement to sell its India based Do-It-Yourself (DIY) consumer adhesives business, part of the Advanced Materials division, to Pidilite Industries Ltd. in an all-cash transaction valued at up to $285 million, excluding customary working capital and other adjustments.  The transaction value represents a 2019 adjusted EBITDA multiple of approximately 15 times.  Under the terms of the agreement Huntsman will receive approximately $257 million in cash at closing and up to approximately $28 million of additional cash under an earnout within 18 months if the business achieves sales revenue in-line with 2019.  The transaction is expected to close within the coming week.    


Peter Huntsman, Chairman, President and CEO commented: “We have taken this business and built it from almost nothing to be a market leader in India.  To take it to the next level of size and value, we simply do not have the footprint in India to do so.  Pidilite is a respected leader in consumer adhesives within India and is in a better position to invest in and more aggressively grow this consumer DIY business over the coming years.  We anticipate within the coming months that we will be able to deploy the proceeds from this asset and replace the lost EBITDA with other growth assets that fit even better within our core Advanced Materials specialty business.”

Related Content

Chemical Engineering publishes FREE eletters that bring our original content to our readers in an easily accessible email format about once a week.
Subscribe Now
Video - Do you really need a thermowell?
The influence of IIoT in the dewatering process step of pigment production
The Big 6 level measurement technologies, where to use them and why
Top five technologies for drying in chemical applications
Crude distillation unit (CDU) optimization

View More