Switzerland's Clariant, Huntsman of US in chemicals merger

Swiss specialty chemicals maker Clariant and The Woodlands, Texas-based Huntsman Corp. say they are merging to create a company worth some $20 billion.

The merger will be done through an all-stock transaction and is expected to boost growth prospects of the new entity, the two companies said in a statement.

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The companies aim to complete the deal by the year's end.

The newspaper added that Huntsman Chief Executive Peter Huntsman would become CEO of the combined company, while Clariant CEO Hariolf Kottmann would become chairman, with board representation evenly split. "Peter Huntsman and I share the same strategic vision and I look forward to working with him". Clariant would own about 52 percent of the new entity to be called HuntsmanClariant.

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Huntsman had $1.7 billion of gross profit on $9.8 billion of revenue, led by the polyurethanes division, which makes products used in seat padding and insulation.

The combined group will be headquartered in Pratteln, Switzerland and will have a global operational hub in The Woodlands, Texas, a suburb of Houston and will have a dual listing on the SIX Swiss Exchange and the NYSE.

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