Huntsman sells the rest of Venator

Article Excerpt

HUNTSMAN CORP. $25 is a buy. The company (New York symbol HUN; Manufacturing & Industry sector; Shares outstanding: 220.8 million; Market cap: $5.5 billion; Dividend yield: 2.6%; Takeover Target Rating: Lowest; www.huntsman.com) is a leading producer of specialty chemicals for makers of adhesives, textiles, construction materials, paints, detergents and automotive products. In August 2017, Huntsman used an IPO to sell 26.1 million shares of its Venator Materials PLC (New York symbol VNTR) unit for $20.00 a share. Venator makes titanium dioxide, iron oxide, and other pigments and additives for food, drinks, paints and cosmetics. Huntsman has now agreed to sell its remaining 42.5 million shares (or 40% stake) in Venator to private investment firm SK Capital Partners for about $100 million. Huntsman expects to record a loss on the sale. However, that loss will help offset the capital gains tax bill the company incurred following the sale of another businesses in early 2020. Huntsman is a buy. buy…