THE WOODLANDS, Texas, Oct. 27, 2015 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) announced today that it has entered into an accelerated share repurchase agreement with Citibank, N.A. to repurchase $100 million of its common stock.
Citibank, N.A. will make an initial delivery of approximately 7.1 million shares of Huntsman Corporation common stock based on the closing price of $11.94 on October 27, 2015. The final number of shares to be repurchased and the aggregate cost per share will be based on Huntsman's daily volume-weighted average stock price during the term of the transaction, less a discount. Subject to customary adjustments, the accelerated share repurchase transaction is scheduled to be completed early in the first quarter of 2016.
In September 2015, the Huntsman Board of Directors authorized the repurchase of $150 million of stock. The Company intends to utilize the remaining $50 million available under this authorization to purchase shares in the open market from time-to-time.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood's performance additives and titanium dioxide businesses. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation
Gary Chapman, (281) 719-4324 Investor Relations: Kurt Ogden, (801) 584-5959