Why Shares of Huntsman Are Surging Today
Shares of Huntsman (NYSE: HUN) climbed more than 17% on Thursday morning after the company said it has a deal to sell a pair of businesses for more than $2 billion. The transaction continues the chemical giant's push to focus on downstream and specialty businesses and should provide the company with more balance sheet flexibility.
Huntsman has been actively looking to reshape its portfolio, last month signing a deal to buy out its partner in a European joint venture. Its latest move is the signing of a definitive agreement to sell its chemicals intermediates businesses and its surfactants businesses to Indorama Ventures for a combined $2 billion in cash, plus the transfer of about $76 million in underfunded pension liabilities.
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