Huntsman Corporation, a New York Stock Exchange-listed company active in the production and marketing of differentiated and specialty chemicals, has sold its Textile Effects division, which comprises approximately 2,300 people in some 33 countries and has 10 production sites worldwide, to Archroma, a portfolio company of SK Capital Partners.
Osborne Clarke - with a team led by partner Giuliano Lanzavecchia, assisted by senior lawyer Chiara Carioti and trainee Martina Serbelloni - advised Huntsman on the Italian side of the transaction, relating to the sale of the Textile Effects division in Italy. The Italian aspects of the transaction involved the demerger of Huntsman Gomet S.r.l., with simultaneous creation of Textile Effects (Italy) S.r.l., followed by the sale of the latter to Archroma.
The combination of the Textile Effects division with the Archroma business is intended to create a world leader in the market for chemicals and dyes for the textile industry, oriented towards sustainability and innovation. The global transaction, first announced by the parties on 9 August 2022, was completed, after obtaining the relevant regulatory approvals, at an overall purchase price of approximately USD 593 million plus the assumption of underfunded pension liabilities.
Kirkland & Ellis advised Huntsman Corporation in the global transaction, while Archroma was advised by Latham & Watkins.
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