Huntsman CorporationHUN has hiked the prices of all its titanium dioxide pigments worldwide. The increases are effective Jan 1, 2016 or as contracts permit.
In Europe the price of titanium dioxide pigments will increase by €150 per tonne or $160 per ton in dollar-based markets. For North America, prices will rise by 7 cents per pound. For the Asia Pacific, Africa, Latin America and the Middle East, prices will increase by $160 per ton.
Huntsman is among the world's largest global manufacturers of differentiated and commodity chemical products for a variety of industrial and consumer applications.
Huntsman remains focused on the separation of its Pigments and Additives business. It remains committed to deliver more than $100 million of synergy and restructuring savings in its Pigments and Additives division through 2016.
Huntsman is also working on its announced restructuring, savings and growth projects. Initially, the restructuring will involve closures of manufacturing sites, cost-cutting initiatives and a move to centralized shared services. Huntsman expects the planned restructuring to help improve its competitiveness and better address customer needs as it looks to build a market leading Pigments and Additives business.
The company, in its third-quarter earnings call, said that it expects free cash flows to improve by at least $350 million in 2016. Moreover, Huntsman has cut its planned capital expenditures for 2016 and 2017 combined by $150 million.
Huntsman currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the diversified chemical space are Akzo Nobel N.V. AKZOY , Celanese Corp. CE and Innospec Inc. IOSP . While Akzo Nobel and Celanese sport a Zacks Rank #1 (Strong Buy), Innospec holds a Zacks Rank #2 (Buy).