The Huntsman board of directors has authorised management to conduct a strategic review of the Singapore-based Textile Effects division, including a possible sale. This will begin within Q1. No timeline has been set but the company said that “plans to move expeditiously”.
Textile Effects is expected to generate close to $100 million in adjusted EBITDA in 2021, recovering much of what was lost due to COVID-19. On this basis, said Peter R. Huntsman, chairman, president and CEO, “we believe now is the right time to explore options for Textile Effects”.