Huntsman has formed a spin-off company named Venator. Venator is the Latin word for hunter and is intended, in part, to acknowledge the Huntsman legacy. Venator will be a premier pigments company. Strong pricing recovery for titanium dioxide and the identification of business improvement opportunities representing more than 75 million dollars in annual EBITDA are expected to significantly enhance the financial strength of Venator's business.
Venator shares are expected to trade on the New York Stock Exchange under the ticker VNTR after the distribution to Huntsman's shareholders, which remains targeted for the second quarter of 2017. Meanwhile Huntsman continues to improve its free cash flow generation and grow its downstream differentiated businesses. During 2016, it also repaid approximately 550 million dollars of debt and significantly strengthened its balance sheet.
Huntsman, based in Switzerland, is a dyes and chemicals company. It provides high quality dyes and chemicals to the textile and related industries, manufacturing a broad range of dyes and chemical products that enhance the color of finished textiles and improve performance characteristics, such as wrinkle resistance, lasting freshness and the ability to repel water and stains. The business currently serves over 4500 customers located in 80 countries. Its operating companies manufacture products for a variety of industries. Huntsman Textile Effects is a major innovator with more than 700 patents.