Huntsman Receives IRS Ruling allowing it to retain 40 % economic interest in Venator
Huntsman Corporation received on February 16, 2017 a Private Letter Ruling from the IRS allowing it to retain a 40 % economic interest in the tax-free spin-off of Venator Materials Corporation. Huntsman will also hold an accompanying 19.9 % voting interest in Venator
Peter R. Huntsman, our President and CEO, commented: “The receipt of this ruling is an important milestone in the Venator spin-off process. The retention of the 40 % economic interest will enable us to capture the benefits of the expected improvement in the titanium dioxide business. Our desire to retain this amount of economic interest in Venator reflects our vote of confidence in what we believe will be a successful spin-off. The future monetization of our ownership in Venator will create further value for Huntsman as we use the proceeds to reduce our debt.”
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2016 revenues of approximately USD 10 billion. 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 approximately 30 countries and employ approximately 15000 associates within our 5 distinct business divisions including the Pigments and Additives division that we intend to spin-off as Venator Materials Corporation.
See also TextileFuture News here