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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "The slide uses a CEO quote to establish a baseline expectation that the company later failed to meet, serving as a classic 'expose contradiction' activist tactic.",
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      "text": "The Company provided shareholders with attractive financial projections and a commitment to expeditiously separate its pro forma TiO2 business as justification for the transaction.",
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      "text": "The transaction ultimately closed in October 2014.",
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      "text": "The Company projected that its pro forma TiO2 business would generate $3.5 billion of revenue and $500 million of Adjusted EBITDA.",
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      "text": "The Company also committed to regain an investment grade balance sheet within the same 24 month period.",
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      "text": "The Company justified the transaction by providing attractive financial projections to shareholders, and also committed to IPO the combined TiO2 business within 24 months of closing the transaction.",
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      "text": "As background, Huntsman had a legacy TiO2 business that was acquired in 1999, which it believed would have meaningful synergies with Rockwood's TiO2 business.",
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      "text": "leverage ratio: 3.3x",
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      "text": "In September 2013, Huntsman announced that it was be acquiring Rockwood's TiO2 business for $1.1 billion in cash, assuming $0.2 billion in pension liabilities, and increasing its leverage ratio from ~2.5x (i.e. near investment grade) to ~3.3x.",
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      "text": "We continue to remain focused as a Company and our Board of Directors on deleveraging... It is our intention within the 24-month period to be able to take this combined business... public and use that as an opportunity to create further shareholder value.",
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      "text": "We continue to remain focused as a Company and our Board of Directors on deleveraging. I think that when you look at our targets going out 2015 and 2016, our leverage ratios during that time period, particularly when you take into account an IPO during that time period, that our leverage ratios go to our long-time stated objective of 2.0 times our EBITDA. It is our intention within the 24-month period to be able to take this combined business, this pigments business, which will be in excess of $3.5 billion in sales and have a normalized EBITDA in excess of $0.5 billion, take this Company public and use that as an opportunity to create further shareholder value. — Peter Huntsman, President & CEO, September 2013",
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      "text": "Source: Public company filings, transcripts, and press releases.",
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      "kind": "title",
      "text": "...In 2013, Huntsman Re-Levered Its Balance Sheet to Acquire Rockwood's TiO2 Business for $1.3 Billion",
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