Chemicals maker Huntsman Corp. agreed to sell two units to an Asian rival for roughly $2.1 billion.
Huntsman HUN, -2.04% will sell its chemical intermediates and its surfactants units to Thailand-based Indorama Ventures IVL, +2.00% , it said in a statement on Wednesday.
The purchase price includes $2 billion of cash, in addition to the transfer of as much as $76 million in net underfunded pension and other retirement-benefit liabilities.
Chemical intermediates and surfactants are used in a range of products, including lubricants and cleaning supplies. Indorama, founded by Indian businessman Aloke Lohia, has been looking to expand in the U.S., and the purchase would jump-start that goal. Huntsman, meanwhile, would be exiting from one of its slowest-growing businesses and getting cash to expand its core polyurethane business.
An expanded version of this report appears on WSJ.com.
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