Huntsman Corp. has decided to retain the Textile Effects business and exclude it from its planned Pigments and Additives spin-off, Venator Material Corp.
Strong pricing recovery for titanium dioxide and the identification of business improvement opportunities representing more than $75 million in annual EBITDA are expected to significantly enhance the financial strength of Venator’s business. The $75 million in business improvements are incremental to current earnings and are expected to be completed by the end of 2018.
Venator is the Latin word for hunter and is intended, in part, to acknowledge the Huntsman legacy. Venator shares are expected to trade on the New York Stock Exchange under the ticker VNTR after the distribution to Huntsman’s shareholders, which remains targeted for the second quarter of 2017.