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  "documentTitle": "Huntsman Corporation (HUN)",
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  "notes": "The slide highlights a strategic pivot from integrated to stand-alone margin reporting.",
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      "text": "Only after splitting its upstream and downstream businesses did Covestro realize that its more differentiated downstream business was earning lower margins than its more commodity upstream business",
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      "text": "At its 2021 Investor Day, Covestro publicly stated that focusing on integrated margins had obscured the true profitability of its businesses and caused the company to misprice its downstream products.",
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      "text": "So on the other hand, what I would also say, the major advantage of our new structure is that it gives us full transparency on where we stand with our profitability on a stand-alone basis for our businesses... And this, of course, got blurred in the past because people were looking at the integrated margin. This is over. We will look at stand-alone margins. And I think personally, this will be a very big lever to improve profitability.",
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      "text": "“So on the other hand, what I would also say, the major advantage of our new structure is that it gives us full transparency on where we stand with our profitability on a stand-alone basis for our businesses... And this, of course, got blurred in the past because people were looking at the integrated margin. This is over. We will look at stand-alone margins. And I think personally, this will be a very big lever to improve profitability.” — Thomas Toepfer, CFO of Covestro, September 2021",
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