Huntsman Corporation - HUN STOCK NEWS

Huntsman Corporation (NYSE: HUN) has announced a significant increase in its share repurchase program, doubling the authorization from $1 billion to $2 billion.

As of December 31, 2021, the company had already repurchased $102 million under the initial program. The $2 billion total represents about 25% of Huntsman's market capitalization as of March 25, 2022. Huntsman is set to repurchase approximately $1 billion of this amount in 2022, while maintaining a strong balance sheet with $2.5 billion in liquidity and a low debt-to-EBITDA ratio of 0.4x.

Huntsman Corporation announced preliminary results from its 2022 Annual Meeting of Stockholders, where all 10 director nominees were elected to the Board. This outcome reflects shareholder support for Huntsman's strategy focusing on 'value over volume' and the company's improved financial health. Chairman Peter R. Huntsman emphasized ongoing shareholder engagement and recognized the contributions of departing directors. The final voting results will be certified by the independent Inspector of Elections and reported via Form 8-K to the SEC.

Starboard Value LP, a significant shareholder of Huntsman Corporation (NYSE: HUN) with an 8.8% stake, has issued an open letter to Huntsman shareholders. The letter expresses disappointment over recent election results, noting less than 50% support for the company's nominees. Starboard has outlined several promises made by Huntsman, including a target of $1.4 billion in Adjusted EBITDA for 2022, maintaining an EBITDA to Free Cash Flow conversion of at least 40%, and commitments to various segment-level EBITDA margins by 2024. Additionally, there is a promise for a $1 billion share repurchase program by the end of 2023.

Huntsman has partnered with Joe Nimble and Footwear Innovation Lab to launch the Ultreya, a high-performance running shoe designed for long-distance runners. This shoe features toefreedom technology and a midsole made from nmblFOAM®—a dual-density polyurethane that enhances comfort and minimizes injury risk. The Ultreya aims to provide better stability and natural foot function while reducing manufacturing impact. The first batch was made in Portugal, with plans for production in Germany starting Autumn 2022. Joe Nimble will sponsor the upcoming Badwater 135 marathon, using Ultreya as the official shoe.

Huntsman Corporation (NYSE: HUN) has issued a letter to shareholders urging them to vote 'FOR ALL' of its director nominees in the upcoming Annual Meeting on March 25, 2022. The company highlights its transformation and record financial performance, with significant increases in stock price and dividends since 2018. Huntsman emphasizes its strong governance, as supported by analysts, and warns that competing nominees from Starboard could jeopardize shareholder value. The letter details Huntsman's achievements, including a new $1 billion share repurchase plan and an investment-grade rating.

Huntsman Corporation's Chairman, Peter R. Huntsman, addressed shareholders in a letter ahead of the upcoming 2022 Annual Meeting on March 25, 2022. He highlighted the company's record performance in 2021, boasting a 5-Year Total Shareholder Return (TSR) of 91%. Huntsman urged shareholders to vote for the current Board of Directors amid a proxy fight initiated by Starboard. He defended the Board's actions in overseeing a strategic transformation, emphasizing a focus on financial targets and enhanced governance.

Starboard Value LP, a major shareholder of Huntsman Corporation (HUN), urges investors to support its nominees at the upcoming annual meeting. Institutional Shareholder Services (ISS) recommends voting for Starboard's BLUE proxy card, highlighting the need for change on the board to address management accountability. ISS noted Huntsman's history of operating and share price underperformance and poor governance. The press release emphasizes the importance of independent oversight to prioritize shareholder interests and suggests the board's recent defensive tactics are against shareholders' best interests.

Huntsman Corporation (NYSE: HUN) has sent a letter to shareholders ahead of its Annual Meeting on March 25, 2022, urging them to vote for its board nominees using the WHITE proxy card. The company claims it has delivered record results and increased guidance for Q1 2022. Huntsman highlights a five-year total shareholder return of 98%, emphasizing its focus on high-margin products and a strengthened board with eight new directors since 2018. The letter defends against Starboard's proxy fight, arguing that their nominees lack the necessary experience for the company's strategic direction.

Starboard Value LP, a major shareholder in Huntsman Corporation (NYSE: HUN) with an 8.8% stake, has released a supplemental presentation challenging Huntsman's recent claims made in its investor presentation. Starboard highlights Huntsman's history of unmet commitments, including a significant failure to achieve its $1.3 billion Adjusted EBITDA target set in 2016, missing it by 11%. Additionally, Huntsman’s Adjusted EBITDA in 2020 was 52% below its 2018 target. Starboard seeks change in Huntsman's board to improve governance and financial performance.