Olin, Huntsman Announce Merger to Form $12.5B Chemicals Company

Olin Corporation and Huntsman Corporation announced a definitive agreement to combine in an all-stock merger of equals, creating a North American chemicals company with combined 2025 revenue of approximately $12.5 billion, the companies said June 16.

The combined entity, to be named OlinHuntsman Corporation, will integrate Olin's upstream manufacturing and feedstock capabilities, including chlorine and caustic soda production, with Huntsman's downstream polyurethane systems, formulation technologies and advanced materials businesses. According to the companies, the combined organization will serve end markets including automotive, construction and infrastructure, and industrial applications, with a significant manufacturing presence on the U.S. Gulf Coast as well as operations in Europe and Asia.

Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares of Olin for each share of Huntsman. Upon completion, Olin shareholders will own approximately 54.5% of the combined company, with Huntsman shareholders owning approximately 45.5%. Olin's ammunition business, Winchester, will continue to operate within the combined company.

The companies said they have identified more than $400 million in cost synergies and integration benefits, including approximately $300 million from purchasing, raw material integration and operational optimization, with most benefits expected within 24 months and full realization by the end of year three. An additional $100 million in raw material integration benefits is expected to begin in 2031. The companies also anticipate approximately $125 million in cash tax benefits through accelerated use of net operating losses.

Ken Lane, current president and CEO of Olin, will serve as CEO of the combined company upon closing. Peter Huntsman, current chairman, president and CEO of Huntsman, will serve as non-executive chairman of the board. Phil Lister, current Huntsman executive vice president and CFO, will serve as CFO of OlinHuntsman, and Todd Slater, current Olin senior vice president and CFO, will serve as the new company’s chief integration officer. The combined board will have ten members with equal representation from both companies.

Lane said the merger combines Huntsman's portfolio of polyurethane systems and advanced materials with Olin's chemicals assets and operations to create a company with greater flexibility to serve customers and generate cash flow across market cycles.

Peter Huntsman said in a press statement the merger positions the combined company to compete more effectively amid increasing globalization, trade policy shifts and global supply chain pressures affecting the chemical industry.

The transaction has been unanimously approved by both companies' boards of directors and is expected to close in the first half of 2027, subject to regulatory approvals and shareholder approval from both companies. Upon closing, OlinHuntsman will be headquartered in The Woodlands, Texas.