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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-02 00:00:00",
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      "kind": "callout",
      "text": "Company conveniently picks low point as the start of its analysis, while ignoring the significant value destruction over the preceding years",
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      "text": "The Company acquired Textile Effects as a healthy business, broke it, failed to deliver on its promises of improved profitability, yet is now attempting to take credit for a turnaround that should never have been needed.",
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      "text": "Historical Adjusted EBITDA performance from 2005 to 2021",
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      "text": "Adjusted EBITDA: $150 million",
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      "kind": "paragraph",
      "text": "The Company was so optimistic about Textile Effects that it even promised shareholders Adjusted EBITDA would improve ~70% to $150 million WITHIN TWO YEARS of acquisition. Unfortunately, over the past fifteen years, this promise has never been fulfilled.",
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      "kind": "quote",
      "text": "…we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate.",
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      "kind": "quote",
      "text": "“...we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate.” — Peter Huntsman, President & CEO, September 2006",
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      "kind": "source-note",
      "text": "Source: Public company filings, presentations, and transcripts. Note: Quotes are underlined and bolded for emphasis. (1) Per press release at time of acquisition announcement. (2) Acquisition of Textile Effects was completed on July, 3, 2006. In December 2006, management commented that the business had a run-rate Adjusted EBITDA of $75 - $85 million. $80 million represents the midpoint.",
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      "kind": "title",
      "text": "Textile Effects Was Even Expected to Improve Profitability by 70% Post-Acquisition to $150 Million",
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      "evidence": "The document builds a case against Huntsman's management and governance.",
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      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
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