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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-08 00:00:00",
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  "pageNumber": 32,
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  "nDataPoints": 17,
  "notes": "Uses a bar chart to contrast a CEO quote/promise against actual performance data.",
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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": "Historical Adjusted EBITDA performance from 2005 to 2021",
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      "kind": "paragraph",
      "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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      "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": "title",
      "text": "Textile Effects Was Even Expected to Improve Profitability by 70% Post-Acquisition to $150 Million",
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