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Huntsman gives up on TDI, sells contracts to BASF

By Liz White, UT staffHouston, Texas-Huntsman Corp. has announced that it is closing its single TDI (toluene diisocyanate) plant in Geismar, Louisiana, and selling the business-consisting of its customer list and sales contracts-to BASF. The deal, which took effect 6 July 2005, will cost Huntsman some $39 million, said a company statement. This includes a $27 million write-down of fixed assets and $12 million in cash charges, including a $10 million net contract termination charge. With TDI representing only 2 percent of its revenue in polyurethanes in 2004, Huntsman sees the sale as, “a win-win-win situation for our TDI customers, Huntsman and BASF,” according to Greg Geaman, Huntsman’s US vice president in polyurethanes, quoted in Huntsman’s statement. “We are focused on our MDI (methylene diphenyldiisocyanate) business. … The sale now leaves us free to focus on MDI growth opportunities, while our customers will continue to enjoy ongoing service and support for their TDI needs from BASF,” Geaman added. “

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