Huntsman Corporation

Olin Corporation and Huntsman Corporation announced that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired for their pending merger of equals, satisfying one of the key closing conditions. Shareholders of both companies overwhelmingly approved the transaction on August 25, 2026. The closing remains subject to customary closing conditions, including receipt of additional regulatory approvals that are already underway. Huntsman reported 2025 revenues of approximately $6 billion from continuing operations and operates more than 55 manufacturing, R&D and operations facilities in approximately 25 countries with roughly 6,000 associates. Olin is a vertically integrated global chemical manufacturer and a leading U.S. ammunition maker through its Winchester business.

Olin Corporation and Huntsman Corporation have received overwhelming shareholder approval for their all-stock merger of equals, creating OlinHuntsman Corporation, a leading North American integrated chemicals producer. At Olin's special meeting, approximately 97% of votes cast, representing 81% of outstanding shares, supported the deal, while Huntsman saw roughly 99% of votes cast, representing 75% of outstanding shares, in favor. The combined company is expected to have about $12.5 billion in 2025 revenues and a broader manufacturing footprint across North America, Europe, and Asia. The merger is projected to deliver more than $400 million in total cost synergies and integration benefits, including over $300 million from purchasing efficiencies, raw material integration, operational optimization, and SG&A savings, plus an additional $100 million in raw material integration benefits beginning in 2031 and about $125 million in cash tax benefits. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary conditions.

The global MDI market is expected to maintain a supply-demand gap of around 220,000 tonnes from 2026 to 2028, with a tight balance supporting upward price momentum. Essence Securities analysis points out that in 2026, concentrated maintenance shutdowns at major global MDI and TDI producers, combined with geopolitical conflicts pushing up pure benzene costs, have led Huntsman and Wanhua Chemical to take the lead in raising prices overseas. On the supply side, capacity continues to tilt toward China, with Wanhua's Yantai unit having a cost advantage of over 1,000 yuan per tonne compared to European facilities. On the demand side, growth is jointly driven by lightweighting in new energy vehicles, new national standards for formaldehyde-free boards, and export substitution. As of 1:04 p.m. on August 5, the CSI Sub-Industry Chemical Theme Index surged 2.42%, with constituent stock Dongcai Technology hitting the 10% daily limit and Tongcheng New Materials rising 8.33%. The Chemical ETF Harvest tracks this index closely, focusing on a new cycle of prosperity amid the industry's anti-involution backdrop.

Monteverde & Associates PC, a class action firm, is investigating four proposed mergers. Planet 13 Holdings Inc. is merging with Vireo Growth Inc., with Planet 13 shareholders expected to receive 0.015383618 shares of Vireo for each Planet 13 share. Olin Corporation is merging with Huntsman Corporation, and Olin shareholders will own approximately 54.5% of the combined company, with a shareholder vote scheduled for August 25, 2026. Huntsman Corporation is being sold to Olin Corporation, and Huntsman shareholders are expected to receive 0.5476 shares of Olin for each Huntsman share, also with a vote on August 25, 2026. First Seacoast Bancorp, Inc. is being sold to Cambridge Financial Group, Inc., and First Seacoast shareholders are expected to receive $17.25 per share in cash, with a shareholder vote scheduled for August 27, 2026.

Hotchkis & Wiley's Mid-Cap Value Fund highlighted Olin Corporation as a detractor in the second quarter of 2026, but sees a tightening North American chlor-alkali supply/demand outlook over the next five-plus years that could drive a pricing and volume recovery. The fund noted that Olin, one of the largest global producers of chlor alkali chemicals and chlorine derivatives and owner of the Winchester ammunition brand, is significantly underearning due to below-normal commodity prices and demand. As the swing producer in the region, Olin could capture more than its share of the improvement, with shareholder-friendly capital allocation and an investment-grade balance sheet commitment reinforcing the case. The stock's decline reflects an easing of Middle East tensions that will loosen near-term supply/demand dynamics, while Olin also announced a merger of equals with Huntsman that the fund views as strategically sound and likely to reduce risk through synergy capture and deleveraging. Olin shares closed at $18.62 on August 3, 2026, with a one-month return of negative 10.22% and a 52-week loss of 2.05%, giving it a market capitalization of $2.12 billion.

Huntsman Corporation reported second-quarter 2026 sales of US$1,663 million and a net loss of US$6 million, an improvement from prior losses, and declared a US$0.0875 per share cash dividend payable on September 30, 2026 to shareholders of record on September 15, 2026. The company also reaffirmed its proposed merger with Olin, highlighting an expected US$300 million in synergies and additional benefits after a key chlorine supply contract expires, reinforcing its push toward higher-margin specialty products and efficiency gains. The reaffirmed merger remains the central catalyst for Huntsman's strategy, with management emphasizing specialty products and efficiency against risks of overcapacity, weak housing demand, and high European costs.

Several major companies announced dividend declarations. Apple declared a cash dividend of $0.27 per share, payable on August 13, 2026 to shareholders of record on August 10, 2026. Amgen declared a $2.52 per share dividend for the third quarter of 2026, payable on September 11, 2026 to stockholders of record on August 21, 2026. Huntsman declared a $0.0875 per share cash dividend, payable on September 30, 2026 to stockholders of record on September 15, 2026. Boise Cascade declared a quarterly dividend of $0.23 per share, an increase of $0.01 per share or 5%, payable on September 16, 2026 to stockholders of record on September 1, 2026. Alcoa declared a quarterly cash dividend of $0.10 per share, payable on August 27, 2026 to stockholders of record on August 11, 2026. BorgWarner declared a quarterly cash dividend of $0.17 per share, payable on September 15, 2026 to stockholders of record on September 1, 2026.

Since late July, the global polyurethane raw materials market has seen a wave of concentrated price hikes. Domestic and international chemical giants such as Wanhua Chemical, Huntsman, and BASF have successively issued price adjustment notices for MDI and TDI products. Downstream TPU leader Miracll Chemicals also raised product prices simultaneously. Wanhua Chemical announced that effective July 29, it would raise MDI and TDI prices in Southeast Asia by 200 US dollars per tonne. Huntsman raised all MDI product prices in Europe, Africa, and the Middle East by 250 euros per tonne, with the new prices taking effect on August 1, 2026. At the same time, it raised MDI and polyurethane systems prices in India and the Indian subcontinent by 300 US dollars per tonne. Shanghai Huntsman's August list price for polymeric MDI rose by 1,500 yuan per tonne to 19,500 yuan per tonne. BASF Shanghai's August list price for TDI rose by 1,000 yuan per tonne to 19,000 yuan per tonne. The price adjustments are mainly due to significantly higher raw material and logistics costs caused by geopolitical tensions in the Middle East. Currently, global MDI production capacity is highly concentrated. Wanhua Chemical leads with 3.8 million tonnes per year, followed by BASF with 2.07 million tonnes per year, Covestro with 1.77 million tonnes per year, Huntsman with 1.37 million tonnes per year, and Dow with 1.11 million tonnes per year. On the supply side, concentrated maintenance shutdowns of multiple plants are tightening supply. On the demand side, China's MDI exports in the first half of 2026 reached 505,000 tonnes, up 22.5 percent year-on-year, with June exports alone hitting 109,000 tonnes, a sharp increase of 56.4 percent year-on-year. Institutions are bullish on the industry's upward cycle. Wanhua Chemical expects first-half net profit of 9.8 billion to 10.4 billion yuan, up over 60 percent year-on-year. TDI producer Cangzhou Dahua expects first-half net profit of 101 million yuan, up about 330.75 percent year-on-year.

The global flame retardant textile market is projected to grow from USD 10.78 billion in 2025 to USD 24.37 billion by 2035, at a compound annual growth rate of 8.52 percent. Protective clothing accounted for 41.60 percent of revenue in 2025, driven by occupational safety regulations in oil and gas, construction, and manufacturing, while transport textiles are expected to grow at the fastest rate of 12.82 percent. Natural fibers held the largest share at 42.60 percent, but synthetic fibers are forecast to expand at 11.12 percent CAGR. Aerospace led end-use segments with 38.50 percent share, and additive flame retardants dominated with 51.40 percent. North America held a 36.80 percent market share in 2025, with the U.S. market valued at USD 2.96 billion and projected to reach USD 5.80 billion by 2035. Europe's market is expected to grow at 8.49 percent CAGR to USD 6.94 billion, while Asia Pacific is anticipated to grow fastest at 10.36 percent. Key players include DuPont, Teijin, Toray Industries, and Huntsman Corporation.

The global rigid foam market is projected to grow from USD 85.43 billion in 2025 to USD 200.43 billion by 2035, at a compound annual growth rate of 8.9 percent, according to a report by SNS Insider. Polyurethane rigid foam held the largest share of the market in 2025 at around 48 percent, while the building and construction insulation application accounted for an estimated 52 percent of the market. Asia Pacific dominated the global market in 2025, with China contributing around 44.8 percent of regional revenues, and Europe is expected to be the fastest-growing regional market, with its rigid foam market estimated at USD 22.21 billion in 2025 and projected to reach USD 50.82 billion by 2035. The U.S. rigid foam market was valued at approximately USD 17.92 billion in 2025 and is expected to reach approximately USD 42.10 billion by 2035, growing at a CAGR of approximately 8.93 percent. Key players include BASF SE, Dow Inc., Covestro AG, Huntsman Corporation, and Owens Corning.

UBS analyst Joshua Spector said the proposed merger of equals between Olin Corp. and Huntsman Corp. appears driven primarily by vertical integration and cost-saving opportunities rather than expansion into new end markets. The companies expect to achieve $300 million in annual cost savings by the end of the third year following the merger, with an additional $100 million opportunity available after the expiration of an Olin supply contract in 2031. UBS estimated that capitalizing the initial $300 million in annual savings at roughly six times could generate about $8 per share of value, rising to approximately $11 per share if the full $400 million of savings is realized. The projected synergies include roughly $75 million from procurement and raw-material savings, $75 million from operational efficiencies, and $150 million from reductions in selling, general and administrative expenses. Under the terms of the agreement, Huntsman shareholders would receive 0.5476 Olin shares for each Huntsman share they own, with the combined company owned approximately 54.5% by Olin shareholders and 45.5% by Huntsman shareholders.

Olin Corporation and Huntsman Corporation have signed a definitive agreement to combine in an all-stock merger of equals, creating a new company named OlinHuntsman Corporation. The combined entity will have 2025 revenues of approximately $12.5 billion and a global manufacturing footprint across North America, Europe, and Asia. Under the terms, Huntsman shareholders will receive 0.5476 shares of Olin for each HUN share they own, with existing Olin shareholders expected to own about 54.5% of the combined company and Huntsman shareholders the remaining 45.5%. The companies have identified more than $400 million in total cost synergies and integration benefits, including over $300 million in cost synergies expected to be largely realized within 24 months and an additional $100 million in raw material integration benefits beginning in 2031. The transaction, unanimously approved by both boards, is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.

The global composite repair market is projected to grow from USD 6.84 billion in 2025 to USD 14.67 billion by 2035, at a compound annual growth rate of 7.9 percent, according to a report by Custom Market Insights. The market is expected to reach USD 7.42 billion in 2026. Key players include Hexcel Corporation, Solvay S.A., Toray Industries Inc., Cytec Solvay Group, Gurit Holding AG, Huntsman Corporation, 3M Company, Henkel AG & Co. KGaA, Structurlam Mass Timber Corporation, and Renegade Materials (TEIJIN). North America held the largest share in 2025, driven by aerospace and wind energy demand, while Asia Pacific is the fastest-growing region due to expanding wind capacity and aviation maintenance. Structural repairs accounted for the biggest segment, and direct sales and specialized service providers were the leading distribution channel.