Facebook Twitter

ARISTECH CHIEF SAYS `NO SALE’ TO HUNTSMAN

SHARE ARISTECH CHIEF SAYS `NO SALE’ TO HUNTSMAN

Aristech Chairman Thomas Marshall has told potential suitor and Salt Lake businessman Jon Huntsman he has no intention of selling the 2-year-old company.

Huntsman last Thursday notified the Securities and Exchange Commission that his family has purchased 7.18 percent of Aristech's outstanding common shares. He said the purchase was for investment purposes and not a prelude to a hostile raid."This is a very friendly situation," Huntsman said. "We think they are a very attractive investment and they've been a fine company. We are studying our options."

Aristech, formed from chemicals businesses spun off from USX Corp., said in a statement that it has been considering selling some assets to a "select group of potential buyers."

Marshall said Aristech will not sell its industrial chemicals or polypropylene businesses, key components of the company's longterm plans.

In 1987, the Huntsman family bought a polypropylene manufacturing business in New Jersey from Shell Oil. Polypropylene is a plastic used in packaging material, furniture, electronics, automobiles and clothing.

Huntsman Chemical Corp. is also a major producer of polystyrene, which is used to make the containers that hold McDonald's hamburgers.