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Huntsman Announces Q2 Results, Court Settlement

Thursday, August 20, 2009

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Huntsman Corporation (The Woodlands, TX) released its second quarter 2009 results, which included a 36% decrease in revenue compared to Q2 2008. The second quarter saw $1.866 billion in revenue, down from $2.896 billion in Q2 2008.

In segment revenues, polyurethanes fell from $1.161 billion in 2008 to $695 million in Q2 2009. Advanced materials saw $255 million this year, compared to $427 million in Q2 2008. Textile effects decreased to $179 million from $262 million last year. The performance products segment declined from $725 million in Q2 2008 to $482 million this year, and pigments saw $254 million this year, down from $321 million in 2008.

During Q2 2009, Huntsman reached an agreement with Credit Suisse and Deutsche Bank to settle its claims against the bank in Texas state court for fraud and tortuous interference in connection with a terminated merger agreement, among other things, according to the company. Under the terms of the settlement agreement, the Bank will provide Huntsman with $632 million in cash, $500 million in senior secured term loan financing for a seven-year term, and $600 million in unsecured note financing for a seven-year term.

   

Tagged categories: Earnings reports; Finance

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