Huntsman Corporation (HUN) has agreed to sell its Textile Effects division to Archroma, a portfolio company of SK Capital Partners. The total enterprise value of the deal is approximately $718 million, which includes the assumption of approximately $125 million in net underfunded pension liabilities. Huntsman plans to report Textile Effects as discontinued operations beginning in the third quarter of 2022.
"We expect the cash proceeds from this divestiture to be deployed in-line with our current balanced capital allocation program which includes strategic investments and acquisitions to further strengthen our core businesses as well as returning cash to shareholders through both our dividend and share repurchase program," Peter Huntsman, CEO said.
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