THE FORESTS, Texas, March 28, 2022 /PRNewswire/ — Huntsman Corporation (NYSE:HUN) today announced that the company’s newly elected Board of Directors has authorized the doubling of its existing stock buyback program from $1 billion for $2 billion.
From December 31, 2021the Company had already acquired $102 million of actions within the framework of the initial programme. The supplement $1 billion authorized redemptions, or $1.9 billion overall, represents approximately 25% of Huntsman’s market capitalization as of March 25, 2022. The hunter had $2.5 billion liquidity and a net debt to adjusted EBITDA leverage ratio of 0.4x at the end of 2021.
Share buybacks under the $2 billion authorization can be made on the open market, under one or more rules 10b-5-1 trading plans or through one or more Accelerated Share Repurchase Agreements (ASR). The timing, volume and nature of share repurchases will be at the discretion of management and will depend on market conditions, applicable securities laws and other factors and may be suspended or discontinued at any time.
Peter HunterChairman, President and Chief Executive Officer said:
“Following the many discussions we have had with our shareholders over the past few months, supported by the strong guidance of our newly renewed Board of Directors, I am delighted to announce a substantial increase in our share buyback program. shares. Based on current market conditions, we intend to repurchase approximately $1 billion of what’s left now $1.9 billion in stock in 2022. We have one of the strongest balance sheets in the industry, as evidenced by our recent upgrade by Fitch, and we will maintain our investment grade credit rating while deploying liquidity appropriately to shareholders . We look forward to updating the market on our first quarter operating performance as well as our share buyback activity on April 29, 2022.”
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2021 sales of approximately $8 billion. Our chemicals number in the thousands and are sold worldwide to manufacturers serving a wide and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates across our four distinct business divisions. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding our plans, objectives, goals, financial objectives, strategies , future events, future revenues or performance, capital expenditures, plans or intentions with respect to acquisitions, divestitures or strategic transactions, including review of the Textile Effects division, business trends and any other information that is not is not historical information. When used in this release, the words “estimates”, “expects”, “anticipates”, “likely”, “projects”, “outlook”, “plans”, “intends”, “believes”, “anticipates”, “targets”, or future or conditional verbs, such as “will”, “should”, “could” or “may”, and variations of these words or similar expressions are intended to identify forward-looking statements . These forward-looking statements, including without limitation management’s review of trends and historical operating data, are based on our current expectations and various assumptions and beliefs. In particular, these forward-looking statements are subject to uncertainties and changes in circumstances and involve risks and uncertainties that could affect the Company’s operations, markets, products, prices and other factors, as indicated in the Company’s filings with the Securities and Exchange Commission (the “SECOND”). Further, there can be no assurance that the Textile Effects Division’s review will result in any transaction(s) or other strategic changes or outcomes. Significant risks and uncertainties may relate to, but are not limited to, the continued impact of COVID-19 on our operations and financial results, volatility in global economic conditions, cyclical and volatile commodity markets, disruptions to production at manufacturing facilities, to the timing of proposed transactions, reorganization or restructuring of the Company’s operations, including any delays or other adverse developments affecting the ability to implement cost reductions and optimization improvements manufacturing in the Company’s business and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under “Risk Factors” in our Annual Report on Form 10-K for the year ended. December 31, 2021, which may be supplemented by other risks and uncertainties disclosed in any subsequent report filed or provided by the Company from time to time. All forward-looking statements speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of completion or to reflect the occurrence of unforeseen events.
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