Olin and Huntsman to merge as OlinHuntsman
- Combined 2025 revenue on a combined company basis is approximately $12.5 billion.
- More than $400 million of identified cost synergies and integration benefits, with the majority of $300M+ realized within 24 months and an extra $100M of raw material benefits starting in 2031.
- All-stock merger of equals: Huntsman shareholders receive 0.5476 Olin shares per Huntsman share; post-close ownership ~54.5% Olin and ~45.5% Huntsman.
- Transaction expected to close in the first half of 2027, subject to regulatory and shareholder approvals; headquarters to be in The Woodlands, Texas.
Deal overview
Olin Corporation and Huntsman Corporation have agreed an all-stock merger of equals to form OlinHuntsman, an integrated North American chemicals company combining Olin's scale and electrochemical feedstock capabilities with Huntsman's downstream formulations and advanced materials. The combined company would have pro forma 2025 revenue of approximately $12.5 billion.
Strategic rationale
The transaction pairs upstream chlorine and caustic production with downstream polyurethane systems, formulations and advanced materials to increase chlorine optionality, improve feedstock conversion into higher-value downstream products and deepen exposure to end markets including automotive, construction and industrial applications. Winchester ammunition will remain a key business within the combined company.
Synergies and financial profile
Olin and Huntsman identified more than $400 million of total cost synergies and integration benefits, including over $300 million expected to be realized mostly within 24 months and all by the end of year three, plus an additional $100 million of raw material integration benefits beginning in 2031. The combined company also expects approximately $125 million of cash tax benefits from acceleration of net operating losses. Management says the deal preserves balance sheet strength and targets disciplined capital allocation, deleveraging, a stable dividend and reinvestment of excess cash.
Leadership, governance and logistics
Ken Lane will serve as CEO and Peter Huntsman as non-executive Chairman; Phil Lister will be CFO and Todd Slater Chief Integration Officer. The board will have ten members with equal representation. OlinHuntsman will be headquartered in The Woodlands, Texas.
Transaction mechanics and timing
The exchange ratio is 0.5476 Olin shares for each Huntsman share, producing an approximate post-close split of 54.5% Olin and 45.5% Huntsman. The transaction has unanimous board approval and is expected to close in the first half of 2027, subject to customary closing conditions and regulatory and shareholder approvals.
Source: Huntsman