Vantico financial restructuring completed and MatlinPatterson transfers equity position to Huntsman

Citation

(2003), "Vantico financial restructuring completed and MatlinPatterson transfers equity position to Huntsman", Pigment & Resin Technology, Vol. 32 No. 5. https://doi.org/10.1108/prt.2003.12932eab.018

Vantico financial restructuring completed and MatlinPatterson transfers equity position to Huntsman

Vantico financial restructuring completed and MatlinPatterson transfers equity position to Huntsman

MatlinPatterson Global Opportunity Partners have announced the completion of the restructuring of Vantico and the transfer of the business to HMP Equity Holdings, its partnership with Huntsman LLC.

Huntsman has full operational and financial control of the business and has renamed it Huntsman Advanced Materials. It will be managed as part of Huntsman's Polyurethanes and Specialties Division.

The restructuring, which involved the exchange of a significant amount of debt for equity and CHF150 million in new cash being put into the business, restores the business' balance sheet to full health. The initiative gives MatlinPatterson and Huntsman approximately 90 per cent ownership of the business. Various stakeholders own the remaining 10 per cent.

MatlinPatterson CEO, David Matlin, commented "Huntsman Advanced Materials makes a strong addition to our Huntsman partnership. We feel certain that it will add substantial value to the Huntsman group of businesses."

Peter R. Huntsman, President and CEO of the Huntsman companies, said "There are strong supply chain and commercial synergies between Advanced Materials and our existing businesses. We are also pleased that it gives us a more diverse portfolio of innovative, higher end products. We are confident that Huntsman Advanced Materials will significantly enhance our position in the market."

Huntsman Advanced Materials is a global manufacturer and supplier of materials for coatings and structural composites, adhesives, tooling, electrical and electronic insulation materials to a wide range of industries.

The combined Huntsman companies constitute the world's largest privately held chemical company. The operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman-held companies have more than 13,000 employees, facilities in 44 countries and had 2002 revenues of more than $7 billion. The addition of the Advanced Materials business gives Huntsman revenues in excess of $8 billion and more than 15,000 employees.