Olin Corporation and Huntsman Corporation announced they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a North American chemicals company with approximately $12.5 billion in 2025 revenue on a combined basis. The combined company will be renamed OlinHuntsman Corporation following the close of the transaction.
The companies said the merger is expected to generate more than $400 million in total identified cost synergies and integration benefits. This includes more than $300 million of cost synergies and integration benefits, with the vast majority expected to be realized within 24 months and all expected by the end of year three. The companies also identified an additional $100 million of raw material integration benefits starting in 2031, along with approximately $125 million of cash tax benefits through the acceleration of net operating losses.
OlinHuntsman will bring together Olin’s upstream manufacturing and feedstock capabilities, including chlorine and caustic soda, with Huntsman’s downstream products, polyurethane systems, formulation technologies, and advanced materials. The companies said the combination will create a more vertically integrated platform with a stronger cost position and broader ability to serve end markets such as automotive, construction, infrastructure, and industrial applications.
Olin’s Winchester ammunition business will continue operating as a key business within the combined company. Winchester serves sporting, law enforcement, and military customers.
Upon closing, Olin President and CEO Ken Lane will become CEO of OlinHuntsman. Huntsman Chairman, President, and CEO Peter Huntsman will serve as non-executive chairman of the combined company’s board. Huntsman Executive Vice President and CFO Phil Lister will become CFO of the combined company.
The OlinHuntsman board will include ten members, with equal representation from Olin and Huntsman. Olin Senior Vice President and CFO Todd Slater will serve as chief integration officer, reporting to the CEO. A Strategic Integration Committee of the board will oversee integration and synergy realization. OlinHuntsman will be headquartered in The Woodlands, Texas.
Under the terms of the agreement, Huntsman shareholders will receive 0.5476 Olin shares for each Huntsman share they own. After the deal closes, Olin shareholders will own about 54.5% of the combined company, while Huntsman shareholders will own about 45.5%.
The boards of both companies unanimously approved the transaction. The deal is expected to close in the first half of 2027, subject to customary closing conditions, including regulatory approvals and approval from Olin and Huntsman shareholders.
Support: Lazard is serving as financial advisor to Olin, while Cravath, Swaine & Moore LLP and Sidley Austin LLP are serving as legal counsel. Citi and Morgan Stanley are serving as financial advisors to Huntsman, while Kirkland & Ellis LLP is serving as legal counsel. David Fox & Co. LLC also advised Huntsman.
KEY QUOTES:
“This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America. Huntsman has built an impressive portfolio of polyurethane systems, formulation technologies and advanced materials serving technical, application-driven end markets. By integrating those capabilities with Olin’s world-scale chemicals assets and operations and identified synergies and benefits, we will create an industry leader with greater flexibility to serve customers across the value chain, generate stronger cash flow across the cycle and pursue opportunities that neither business could fully capture on its own. I’m excited by the opportunity to lead OlinHuntsman and deliver long-term value for our shareholders, customers, employees and communities.”
Ken Lane, President and Chief Executive Officer of Olin
“As our industry continues to globalize, we compete more today against countries, than companies, trade policies and global supply chains than ever before. The opportunities this merger creates enable us to generate greater value for our shareholders, deliver exceptional service and products for our customers and provide greater stability and opportunities for our associates. This merger of equals takes two great companies and creates a much stronger global leader.”
Peter Huntsman, Chairman, President and Chief Executive Officer of Huntsman
“Ken and I agreed to use an at-the-market exchange ratio using volume-weighted average prices over the trailing 30 days, measured as of the close of June 12, 2026. This delivers a premium to Huntsman’s shareholders relative to the historical averages while reflecting current market conditions. It is also equitable for Olin’s shareholders, smoothing out share price movements from last week’s trading. Looking ahead, our shared focus is on capturing the significant long-term value this transaction creates for both sets of shareholders.”
Peter Huntsman, Chairman, President and Chief Executive Officer of Huntsman
