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Huntsman Reports Strong Financial Results for First Quarter 2015

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

Huntsman Corporation reported first quarter 2015 results with revenues of $2,589 million and adjusted EBITDA of $285 million.

Peter R. Huntsman, President and CEO, commented – “I am pleased with the strong first quarter earnings demonstrated by our differentiated businesses which include MDI urethanes, Performance Products, Advanced Materials and Textile Effects. EBITDA from these businesses improved approximately $30 million compared to the prior year. We continue to see strength in the markets we are serving and are encouraged by future growth prospects.

Business conditions remain challenging in the titanium dioxide market; however I am encouraged that our earnings improved approximately $10 million compared to the fourth quarter. We have taken aggressive self- help measures to deliver $175 million of expected incremental synergies and restructuring savings by the middle of 2016. I see a clear path forward to an improvement in earnings within our Pigments and Additives business.

During the first quarter we completed planned maintenance at our PO/MTBE facility in Port Neches, Texas. We experienced some delays in the restart of the facility during April. We are currently operating at normal rates and estimate the EBITDA impact from the delayed startup to be approximately $35 million in the second quarter.”

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