Olin to Merge With Huntsman in All-Stock Deal
The combination creates a North American chemicals leader with more than $400 million in identified cost synergies through vertical integration.
Olin Corporation (OLN) agreed to acquire Huntsman Corporation (HUN) in an all-stock merger of equals. The transaction will create a combined entity to be renamed OlinHuntsman Corporation, which the companies said will be a leading North American chemicals company.
Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares of Olin for every one share of Huntsman. Upon completion, Olin shareholders will own approximately 54.5% of the combined company, while Huntsman shareholders will own approximately 45.5%. The exchange ratio was based on volume-weighted average prices over the 30 days ending June 12, 2026.
The companies said the merger will combine Olin's manufacturing and feedstock capabilities, such as chlorine and caustic soda, with Huntsman's downstream products and formulation expertise. The combined company is expected to have 2025 revenues of approximately $12.5 billion.
"This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America," said Ken Lane, President and Chief Executive Officer of Olin. Lane will serve as Chief Executive Officer of OlinHuntsman, while Peter Huntsman will serve as non-executive Chairman of the Board.
Huntsman is a global manufacturer of diversified chemical products with 2025 revenues of approximately $6 billion from continuing operations. The company operates more than 55 facilities across approximately 25 countries. Olin's ammunition business, Winchester, will continue to operate as a key business within the combined organization.
Olin and Huntsman identified more than $300 million in cost synergies and integration benefits to be realized by the end of year three, driven by SG&A savings and raw material integration. An additional $100 million in raw material integration benefits is expected to begin in 2031. The companies also expect to realize approximately $125 million in cash tax benefits through the acceleration of net operating losses.
The transaction was unanimously approved by the boards of directors of both companies. It is expected to close in the first half of 2027, subject to regulatory approvals and the approval of shareholders from both Olin and Huntsman.