Product category:
Materials and components
News Release from: Huntsman Advanced Materials
Edited by the Engineeringtalk Editorial
Team on 11 July 2003
Vantico becomes Huntsman Advanced
Materials
MatlinPatterson Global Opportunity Partners has completed restructuring of Vantico and the transfer of the business to HMP Equity Holdings, its partnership with Huntsman.
MatlinPatterson Global Opportunity Partners has completed restructuring of Vantico and the transfer of the business to HMP Equity Holdings, its partnership with Huntsman Huntsman now has full operational and financial control of the business and has renamed it Huntsman Advanced Materials
This article was originally published on Engineeringtalk on 9 May 2003 at 8.00am (UK)
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It will be managed as part of Huntsman's Polyurethanes and Specialties Division.
The restructuring, which involved the exchange of a significant amount of debt for equity and CHF150 million in new cash being put into the business, restores the business' balance sheet to full health.
The initiative gives MatlinPatterson and Huntsman approximately 90% ownership of the business.
Various stakeholders own the remaining 10%.
MatlinPatterson CEO, David Matlin, commented: "Huntsman Advanced Materials makes a strong addition to our Huntsman partnership.
We feel certain that it will add substantial value to the Huntsman group of businesses".
Peter R Huntsman, President and CEO of the Huntsman companies, said: "There are strong supply chain and commercial synergies between Advanced Materials and our existing businesses.
We also are pleased that it gives us a more diverse portfolio of innovative, higher end products.
We are confident that Huntsman Advanced Materials will significantly enhance our position in the market".
Huntsman Advanced Materials is a global manufacturer and supplier of materials for coatings and structural composites, of adhesives, tooling, electrical and electronic insulation materials to a wide range of industries.
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