The Woodlands, Texas / Clayton, Missouri — June 15, 2026

Two of North America's most storied chemical companies are combining in an all-stock deal that will reshape the global chlorine value chain and create a $12.5 billion chemicals powerhouse.

Olin Corporation (NYSE: OLN) and Huntsman Corporation (NYSE: HUN) have announced a definitive agreement to merge in an all-stock transaction valued at approximately $2.43 billion, forming a combined entity to be named OlinHuntsman Corp. The deal, structured as a merger of equals, is expected to close in the first half of 2027, subject to approval by shareholders of both companies and customary regulatory clearances.

Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares of Olin for each Huntsman share held, giving combined ownership of approximately 54.5% to Olin shareholders and 45.5% to Huntsman shareholders. The new company will be headquartered in The Woodlands, Texas — Huntsman's current home — and will be led by Olin's CEO Kenneth Lane as Chief Executive Officer, while Huntsman's longtime leader Peter Huntsman will transition to the role of non-executive chairman.

A Deal Decades in the Making

The strategic logic behind this combination is rooted in one of the most fundamental relationships in the chemical industry: chlorine supply and consumption. Olin, the world's largest chlorine producer via its chlor-alkali business, has long sought to integrate downstream and stabilize demand for its primary output. Huntsman, meanwhile, is one of the world's largest consumers of chlorine — its flagship polyurethanes segment relies on chlorine as an essential feedstock for producing methylene diphenyl diisocyanate (MDI).

The pairing is described by executives as vertically integrative by design, eliminating a critical raw material cost variable for Huntsman while giving Olin a captive, high-value outlet for its chlorine production. Industry analysts have called it a rare example of genuine strategic complementarity in the chemicals sector.

Combined Scale and Reach

The combined OlinHuntsman will generate approximately $12.5 billion in annual revenue, positioning it among the largest North American chemical companies by turnover. Together, the two businesses bring:

• Olin's chlor-alkali, epoxy, and chlorinated organics platforms — spanning chlorine, caustic soda, ethylene dichloride (EDC), vinyl chloride monomer (VCM), epichlorohydrin, bisphenol A, and a full range of epoxy resins

• Huntsman's polyurethanes, performance products, and advanced materials divisions — including MDI, polyols, ethyleneamines, polyetheramines, and specialty epoxy formulations

• Winchester ammunition, Olin's flagship U.S. defense and sporting goods brand, which will continue as a standalone division within OlinHuntsman

• A combined global workforce of roughly 14,000 employees operating across more than 40 countries

Financial Structure and Termination Provisions

The transaction is structured as a zero-premium, all-stock merger of equals, reflecting the boards' view that both companies bring equivalent strategic value to the combination. A $121 million termination fee has been agreed upon should either party withdraw under specified conditions. No cash consideration will be paid to shareholders under the current terms.

Both companies reported challenging financial periods in the lead-up to the deal. Huntsman posted a net loss in its most recent fiscal year while navigating margin pressure across its polyurethanes segment. Olin, meanwhile, faced headwinds in chlor-alkali pricing as the industry cycle troughed. Analysts suggest the merger was partly motivated by the need to build cycle-resilient scale and reduce exposure to commodity pricing volatility in both chlorine and MDI markets.

Market and Industry Reaction

The announcement was received with measured enthusiasm across chemical industry circles, with observers noting that the structural fit between the two companies is unusually tight. The combination effectively internalises what has historically been an arm's-length transaction between a chlorine producer and a chlorine consumer, potentially unlocking hundreds of millions of dollars in cost synergies across procurement, logistics, and production scheduling.

For the downstream markets OlinHuntsman will serve — including construction, automotive, aerospace, electronics, agriculture, and water treatment — the merger signals a supplier with significantly enhanced scale, product breadth, and technical depth.

Looking Ahead

Assuming regulatory approval proceeds without major obstacles, OlinHuntsman is poised to emerge in mid-2027 as a formidable force across the global specialty and commodity chemicals landscape. The company will carry the legacy of two organisations founded in the 19th century — Olin in 1892 and Huntsman in 1970 — and will face the task of integrating deeply different corporate cultures: one built on industrial chlorine chemistry and defence manufacturing, the other on entrepreneurial polymer science and global distribution.

Peter Huntsman, whose family has stewarded Huntsman Corporation for over 50 years, will assume his chairmanship role marking the end of an era of family-led executive management — and the beginning of what both boards are calling a transformative new chapter for North American chemicals.

OlinHuntsman Corp. is expected to trade on the New York Stock Exchange under a new ticker to be announced prior to closing.

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