SABIC REACH AGREEMENT ON US$ 700 MILLION ACQUISITION OF HUNTSMAN'S EUROPEAN BASE CHEMICALS AND POLYMERS BUSINESS
Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC) and Peter Huntsman, President and CEO of Huntsman Corporation today announced they have agreed terms under which SABIC will acquire 100 per cent of the shares of Huntsman Petrochemicals (UK) Ltd (Huntman's European Base Chemicals and Polymers business) for a purchase price of US$ 700 million in cash. After the completion of the deal, SABIC intends to complete the construction of the 400kpta capacity polyethylene (LDPE) plant in Wilton, Teeside at an investment cost of US$150 million.
The acquisition marks a significant step in SABIC's global growth plans. The Huntsman business adds substantial capacity to SABIC Europe and complements the group's strong home base in the Kingdom of Saudi Arabia. On completion of the deal, all 830 Huntsman Petrochemicals (UK) Ltd employees will transfer to SABIC under the same employment conditions.
SABIC is the largest public company in the Middle East, ranked by market capitalization (more than US$ 100 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.
The acquired manufacturing business operates a 865 ktpa ethylene/ 400 ktpa propylene cracker and 1.3 million tpa Aromatics facilities with elaborate logistical facilities at Wilton and North Tees. The 400 ktpa LDPE plant, which is in the early stages of construction, is scheduled to come on stream by the end of 2007.
Huntsmanは1999年6月にポリウレタンや酸化チタン事業とともにオレフィン、芳香族事業をICIから買収した。
当初はHuntsman 70%、ICI 30% 出資のHuntsman ICI が運営していたが、2002年にICIが持分を投資会社に売却、
2003年にHuntsmanが投資会社から持分を買い取って100%子会社とした。
なお、ICIのWiltonのLDPEプラントは1982年にBPが買収し、2001年に閉鎖している。Huntsman は英国の顔料事業と、ポリウレタン部門に属するアニリン、ニトロベンゼンは売却せず、維持する。
Commenting on the acquisition, Mr Al-Mady said, "The acquisition of Huntsman's UK/European business is a major addition to the SABIC Europe group of companies and to SABIC's business overall. This deal demonstrates our commitment to growing the SABIC business and the success of our globalization strategy."
He continued, "We have achieved substantial growth in Europe in recent years, following the successful integration of DSM's petrochemical business in 2002. The businesses we are acquiring at Wilton and North Tees add additional talented employees and offer further high quality production platforms to achieve our next stage of growth, and will add to our other sites in Europe in Geleen, Holland and Gelsenkirchen, Germany."
"We are fully committed to realizing the full potential of these businesses and therefore we intend to invest and grow the business in the future, including the continued construction of the new polyethylene plant"
Subject to the usual regulatory approvals, including merger control and UK Pension Regulator clearance, the transaction is expected to close by the end of 2006.
SABICは2002年にDSMの石化部門を買収し、SABIC Europe を設立した。オランダのGeleen工場にエチレン、HDPE、LDPE、LLDPE、PPプラント、ドイツのGelsenkirchen工場にHDPEとPPプラントをもつ。エチレン能力は125万トン、ＰＥ は148万トン、PPは109.5万トン。
SABIC Europe はオランダのGeleen工場で52万トンのエチレンクラッカーを新設し、ドイツでポリマーを増設する「Europe 1」計画を立てていたが、過剰投資が原因の建設費アップで経済性が問題としてペンディングとしていた。
おそらくオランダでの新設の代わりに今回の買収を行ったものと思われる。
2006/9/28 Huntsman
Huntsman to Sell European
Commodities Business to SABIC
Huntsman To Focus On Differentiated
Chemicals; Reduce Debt
Peter R. Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN), today announced that Huntsman has signed a definitive agreement with Saudi Basic Industries Corporation (SABIC), under which SABIC will acquire Huntsman's European Base Chemicals and Polymers business.
Under the agreement, SABIC will acquire the business for a purchase price of US$700 million in cash, subject to certain adjustments at closing. The transaction further allows Huntsman to reduce its UK pension liabilities in the amount of approximately $126 million. The transaction will not include Huntsman's Teesside-based Pigments division or the Wilton-based aniline and nitrobenzene operations of its Polyurethanes division.
"This is a major step in divesting our commodity businesses as we execute our previously announced strategy of realigning our portfolio to differentiated businesses and paying down debt," said Peter Huntsman.
After giving effect to the announced divestiture and the recently completed sale of Huntsman's U.S. butadiene and MTBE business, total revenue from Huntsman's differentiated businesses (including the Textile Effects division recently acquired from Ciba), will equate to nearly 80% of Huntsman's revenues for the twelve month period ending June 30, 2006. Total net debt, on a pro forma basis for the same period, is expected to drop to approximately $3.5 billion after application of the proceeds from the announced divestiture?a greater than 40% reduction from approximately $6.0 billion in net debt at year end 2004.
Huntsman purchased the business from ICI plc in 1999. Under Huntsman ownership, the business grew to have 2005 revenues of $2.5 billion, and 2005 and LTM Adjusted EBITDA of $176 million and $45 million, respectively.
Subject to customary regulatory approvals and other closing conditions, including merger control and UK Pension Regulator clearance, the transaction is expected to close by the end of 2006.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, rapid and integrated growth in petrochemicals, Huntsman today has 15,000 employees and 78 operations in 24 countries. The Company had 2005 revenues of $13 billion.