Huntsman Corp. Declares Quarterly 10-Cent Dividend

By Bloomberg News

Salt Lake-based Huntsman Corp., the fifth-biggest U.S. chemical maker, declared a quarterly dividend of 10 cents a share, marking its first payout.

The dividend is payable on March 30 to shareholders of record as of March 15, Huntsman said Wednesday.

Asset sales have helped reduce Huntsman’s net debt by $2.6 billion in two years while boosting the portion of sales derived from specialty products. The company on Dec. 29 sold its U.K.-based European commodity-chemicals business to Saudi Basic Industries Corp. for $685 million. Huntsman also plans to sell the U.S. commodity chemical unit.

“Having taken major strides to strengthen the company’s balance sheet through positive operating cash flows, funds raised in our IPO, and the proceeds from our ongoing divestitures of our commodity petrochemical businesses, it is now time to return some of our free cash flow to our shareholders,” Chief Executive Officer Peter Huntsman said in the statement.

Dow Chemical Co. is the largest U.S. chemical maker by 2005 revenue, followed by Exxon Mobil Corp., DuPont Co. and Lydonell Chemical Co.

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