HOUSTON (Feb. 24)—Huntsman L.L.C. has reassigned Patrick Thomas, president of Huntsman Polyurethanes for the past seven years, to oversee projects designed to prepare the privately held company for a change in ownership structure.
Tony Hankins, president of Huntsman Performance Products, was named the new leader of the PU business effective March 1.
Thomas will take a lead role in helping the firm prepare its businesses for an eventual liquidity event, according to Peter Huntsman, president and CEO of the Huntsman companies.
"It is the intention in the next 12-18 months to consider some kind of equity event," a Huntsman spokesman said.
Thomas' new role will include steering a recently launched project to cut the group's annual costs by around $200 million, according to the spokesman. The aim is for Huntsman to become a company ready for whatever decision is taken, he said.
Executives of the Huntsman family-controlled group previously have revealed that an initial public offering might be in the cards. The proposal was aired shortly after a debt-restructuring plan, which helped Huntsman to pull back from the brink of bankruptcy.