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joseph99 Posted on 26/6 15:12
bye bye Huntsman, hello Basell

Deal transforms polyolefin major into diversified chemicals player.

26 June 2007 – Basell is to buy Huntsman Corporation in a deal valued at $9.6bn, paying $25.5 per share, subject to the usual regulatory approvals.

The group to be formed as a result of the deal will have sales of $26bn and employ nearly 21,000 people.

“Basell’s management team has done an excellent job in growing and enhancing the company over the past two years, putting it in a position to make this acquisition,” said Len Blavatnik, chairman and founder of Access Industries, the owner of Basell.

Buying Huntsman, which has recently shed its UK base petrochemical operations and is pursuing a similar strategy in the US, catapults Basell, hitherto a pureplay polyolefins company, into the wider chemical sphere.

Huntsman is active in effect chemicals including adhesives and textile chemicals, performance products such as additives, coating and surfactants, pigments, polyurethanes and some residual olefins manufacture in the US. Its UK activities include the former ICI Tioxide and polyurethane businesses as well as the former Ciba adhesives business based at Duxford. Total UK employment is thought to be in the region of 1500 people.

Shaun71 Posted on 26/6 15:38
re: bye bye Huntsman, hello Basell

Have spent the majority of my working life with both companies. Not sure how the UK assets feel when Basell take over. We certainly didnt last long

--- Post edited by Shaun71 on 26/6 15:39 ---

boroPE Posted on 26/6 15:44
re: bye bye Huntsman, hello Basell

Asset strippers by all accounts.

green_beret20 Posted on 26/6 15:52
re: bye bye Huntsman, hello Basell

Does anyone care? Is there anyone left who thinks that these companies have any connection to the immediate area they are situated in anyway?

boroPE Posted on 26/6 15:55
re: bye bye Huntsman, hello Basell

The people who worked for ICI for years and are now getting passed from company to company care.

Shaun71 Posted on 26/6 15:56
re: bye bye Huntsman, hello Basell

I think the 1500 people who work for them in this country will care beret

green_beret20 Posted on 26/6 16:16
re: bye bye Huntsman, hello Basell

Even still I’d say the vast majority of the Teesside people have no connection to Huntsman though, other than they can see it out their window.

Whether it stays or goes it will have little impact on the area will it. I imagine most of the workforce is contracted from elsewhere anyway.

joseph99 Posted on 26/6 16:24
re: bye bye Huntsman, hello Basell

Many people on Teesside will be affected by this acquisition. Basell are not asset strippers. In fact are one of the leading players in the chemical industry, not sure what it will do with some of the commodity businesses it has acquired though ... I would guess they will sell them on asap.

Shaun71 Posted on 26/6 20:24
re: bye bye Huntsman, hello Basell

Just speaking as a 'bitter' ex employee after working for them for 14 years. It wasnt a nice time when they pulled out 5 years ago

True though they are a major player in the industry.

Shaun71 Posted on 26/6 20:25
re: bye bye Huntsman, hello Basell

Are you joking green_beret? The vast majority of the workforce are local people!

Mike_Oxlong2 Posted on 26/6 21:13
re: bye bye Huntsman, hello Basell

green beret have you been sniffing flarestack fumes or something ?

McLeans_Mick Posted on 26/6 21:18
re: bye bye Huntsman, hello Basell

Im retiring Mike

kerro1959 Posted on 26/6 23:52
re: bye bye Huntsman, hello Basell

get me a job shaun

joseph99 Posted on 27/6 9:47
re: bye bye Huntsman, hello Basell

Shaun, the formation of Basell from the mergence of BASF and Shell is a real success story and a example of how Western Chemical companies need to be competitive against Asia. An example of how not to do is ICI. I can understand the bitterness, but I am sure you understand their strategy.

Shaun71 Posted on 27/6 10:06
re: bye bye Huntsman, hello Basell

I do Joseph, and I believe they are now under the umbrella of Access Industries, which they werent when I was there

At the time they stripped the plants and sent the assets to other plants in Europe and America but all along the Wilton employees were told that the plant was up for offer but noone was interested. Now after working for various other companies it seems this wasnt the case.

As you say they seem to have gone from strength to strength and I hope they are good employers for the existing Teesside businesses