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Huntsman Corporation (NYSE: HUN) is a prominent publicly traded global manufacturer and marketer of differentiated and specialty chemicals. With 2023 revenues of approximately $6 billion, Huntsman offers a vast array of chemical products that serve a broad range of consumer and industrial end markets worldwide. The company operates more than 60 manufacturing, Research & Development (R&D), and operations facilities across approximately 25 countries, employing around 6,000 associates within its continuing operations.
Huntsman's product portfolio includes Methyl Diphenyl Diisocyanate (MDI), Amines, Maleic Anhydride, and Epoxy-based polymer formulations. These products find applications in various sectors, including adhesives, aerospace, automotive, and construction. The company's operations are divided into three primary segments: Polyurethanes, Performance Products, and Advanced Materials. The Polyurethanes segment, which includes MDI, polyols, and TPU (thermoplastic polyurethane), is the largest revenue generator for the company.
Huntsman has made strategic moves to enhance its financial health and operational efficiency. Between 2020 and 2022, the company strengthened its balance sheet through strategic divestitures and improved cash flow management, ensuring resilience amidst economic uncertainties. Despite challenges in 2023, such as weak demand and pricing pressures, Huntsman has maintained financial discipline, investing in strategic projects and returning cash to shareholders through share repurchases and dividends.
Recent achievements include the successful resolution of an unplanned outage at the Rotterdam facility and consistent capital expenditures aimed at long-term growth. Huntsman has also declared a $0.25 per share cash dividend, showcasing its commitment to shareholder value. The company continues to explore opportunities to improve its cost structure, targeting savings programs and strategic investments to stay competitive in the market.
Huntsman engages with its stakeholders through various channels, including quarterly earnings reports and investor conferences. The company maintains an active presence on social media platforms such as Twitter, Facebook, and LinkedIn, providing timely updates and insights into its operations and market performance.
For more information about Huntsman Corporation, visit the company's website at www.huntsman.com.
Huntsman Corporation (NYSE: HUN) mailed a letter to shareholders ahead of its Annual Meeting on March 25, 2022, refuting claims made by Starboard Value LP. Huntsman urges shareholders to vote the WHITE proxy card for its qualified directors. The letter highlights Huntsman's significant transformation and record performance, including a 123% total shareholder return (TSR) since Starboard's investment. Additionally, Huntsman announced increased Adjusted EBITDA guidance for Q1 2022, reiterating confidence in its strategic execution and financial health.
Huntsman Corporation (NYSE: HUN) updated its first-quarter 2022 outlook, expecting adjusted EBITDA to exceed the previous range of $350 million to $380 million, with a margin of 17%. This positive revision follows strong performance in the Performance Products segment and resilience in North America and Asia despite European energy cost challenges. Additionally, the company received a credit upgrade from Fitch Ratings to BBB, enhancing its financial profile.
Huntsman Corporation (HUN) has filed an investor presentation with the SEC for its 2022 Annual Meeting, showcasing its transformational strategy that has led to record profits in 2021. Highlights include a 40% portfolio divestiture over five years, successful cost optimization ahead of schedule, and a projected increase of over 300 basis points in adjusted EBITDA margin by 2024. The company also announced a refreshed board of directors aimed at advancing its transformation and expressed concerns regarding Starboard's proxy campaign, asserting it risks value destruction.
Starboard Value LP, a major shareholder of Huntsman Corporation (NYSE: HUN), with an 8.8% stake, has released a presentation titled Transforming Huntsman Corporation. The presentation critiques Huntsman's history of poor financial performance, governance issues, and unmet shareholder commitments. Starboard highlights a significant underperformance of ~562% against peers since 2005 and calls for an election of its slate of qualified director nominees at the upcoming shareholder meeting to improve accountability and performance.
Huntsman Corporation (NYSE: HUN) has sent a letter to shareholders ahead of its Annual Meeting on March 25, 2022, advocating for the election of its board nominees via the WHITE proxy card. The letter emphasizes Huntsman's recent record performance, including a 45% rise in Adjusted EBITDA to $349 million. It critiques Starboard's proposed slate of nominees, asserting they lack relevant industry experience and threaten Huntsman's strategic trajectory, which has yielded a total shareholder return of ~98% over five years. Huntsman urges shareholders to reject Starboard's proposals to protect long-term value.
Huntsman Corporation (NYSE: HUN) filed definitive proxy materials for its Annual Meeting of Stockholders on March 25, 2022. Stockholders as of February 1, 2022, can vote. Key highlights include record financial results in 2021, with adjusted EBITDA of $349 million and free cash flow of $698 million in Q4, 45% and 691% increases year-over-year, respectively. Huntsman has engaged with activist investor Starboard since September 2021, asserting that their proxy campaign risks value destruction. The Board has been refreshed, appointing eight new independent directors since 2018, enhancing oversight and governance.
On February 17, 2022, Starboard Value LP, holding approximately 8.6% of Huntsman Corporation's shares, expressed concerns in a letter to the company regarding repeated inquiries about their nomination of four independent director candidates for the upcoming Annual Meeting. Starboard asserts that it has thoroughly disclosed all information related to its nominees and criticizes Huntsman's Board for continued questioning. Starboard emphasizes the need for a reconstituted Board to enhance accountability and shareholder value.
Huntsman Corporation reported strong fourth quarter 2021 results, achieving $2,307 million in revenues and net income of $607 million, a significant increase from $360 million in Q4 2020. Adjusted diluted EPS rose to $0.95 from $0.51. The company experienced a 45% increase in adjusted EBITDA, reaching $349 million. Free cash flow for the quarter was $698 million, supported by a $332.5 million arbitration settlement. A 13% dividend increase was also announced, reflecting a commitment to shareholder returns. Huntsman anticipates further growth in 2022.
Huntsman Corporation (NYSE: HUN) has declared a $0.2125 per share cash dividend, marking a 13% increase compared to the previous dividend. The dividend is scheduled for payment on March 31, 2022, for stockholders on record as of March 15, 2022. Chairman and CEO Peter Huntsman confirmed that this decision reflects the company’s strong business results and outlook, emphasizing their commitment to providing value to shareholders.
Huntsman Corporation (NYSE: HUN) filed its preliminary proxy materials with the SEC for the Annual Meeting of Stockholders on March 25, 2022. The Board has completed a refreshment plan since 2017, appointing eight new independent directors, including three in January 2022. Huntsman has engaged with Starboard to avoid a proxy contest, but faced challenges in collaboration. The company believes that its strategic initiatives align with suggestions from Starboard, which include a 15% dividend increase in April 2021 and a $1 billion share repurchase authorization. Huntsman remains committed to shareholder interests.
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