SALT LAKE CITY (March 21)—A spokesman for Huntsman Corp. acknowledged the company has received a subpoena in connection with an investigation of alleged price fixing of urethane chemicals.
The company said the Antitrust Division of the U.S. Department of Justice is conducting the investigation into the sale of the curatives methylene diphenyl diisocyanate and toulene diisocyanate, and polyether polyols. "We don't know the purpose of the investigation and we don't know why we were served, but we are cooperating fully with the Justice Department," the spokesman said. BASF A.G., Lyondell Chemical Corp. and Dow Chemical Co. have also been subpoenaed in the case.
Huntsman left the TDI field last year, when it sold its TDI business to BASF.
The company also disclosed it had signed a letter of intent to sell its U.S. butadiene business, including its plant in Port Neches, Texas, to Texas Petrochemicals L.P. for $275 million.
Company President and CEO Peter R. Huntsman said the sale will allow Huntsman to reduce its debt and invest in other parts of the company. Huntsman expects to close the deal in mid-2006.