Huntsman Corporation announced that Albemarle had agreed to accelerate payment of the award Huntsman received in a recent arbitration case. Under the agreement reached after discussions directly between the two companies’ CEOs, Albemarle will pay Huntsman $665,000,000 in two equal installments, the first of which will be made before December 3, 2021, and the second one before May 2, 2022. Net of legal fees but before taxes, Huntsman will receive $465,000,000 in total. After receipt of the second payment, Huntsman will terminate all proceedings relating to the dispute.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately $6 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 75 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company’s website at www.huntsman.com.