Speciality chemicals group Huntsman (The Woodlands, Texas / USA; www.huntsman.com) posted 51% growth in third-quarter sales at USD 2.285 bn (EUR 1.97 bn), benefiting from pent-up demand across most of its business, cost cuts and acquisitions. Net income nearly quadrupled at USD 225m, and adjusted EBITDA almost doubled at USD 371m. Despite supply chain issues, demand was strong and pricing was favourable, said Peter Huntsman, chairman, CEO and president of Huntsman.

Huntsman’s biggest segment in terms of sales and profit, Polyurethanes, expanded sales 50% year-on-year at USD 1.4 bn on higher MDI average selling prices in all its regions and on slightly elevated sales volumes. Strong volumes due to the global economic recovery were partially offset by the impact of Hurricane “Ida” at the Geismar, Louisiana, facility. Adjusted EBITDA rose 58% to USD 246m, partly due to improved earnings from the PO/MTBE joint venture in China.

At Advanced Materials, which includes speciality polymers and epoxy curing agents, sales climbed 53% to USD 304m. Adjusted EBITDA nearly doubled at USD 48m, mostly due to the favourable impact of the Gabriel Performance Products acquisition and the sale of the do-it-yourself business in India (see Plasteurope.com of 20.08.2021).

Huntsman also recently announced that it won, on 28 October 2021, an arbitration award against Albemarle (Charlotte, North Carolina / USA; www.albemarle.com), successor of Rockwood Holdings, for fraud and breach of contract in connection with the Huntsman purchase of Rockwood’s pigments business in 2014. It was awarded USD 665m, but expects to receive USD 465m after attorney’s fee. Huntsman had bought Rockwood’s performance additives and titanium dioxide pigments businesses in 2014 for USD 1.1 bn (see Plasteurope.com of 12.09.2014). The deal closed before Albemarle acquired Rockwood in 2014. Albemarle never owned Rockwood’s Pigments & Additives business.