Lower average MDI average selling prices in China and Europe hit both sales and earnings. Although prices were down, these were partially offset by higher MDI volumes. The company supplied these from the Chinese MDI joint venture with BASF which started in the third quarter of 2018.
Across the business, the company generated sales of $1.69 bn the third quarter 2019.This lower by 14.3% than the same period in 2018.
Adjusted EBITDA in the company shrank by 14%. The company generated earnings of $308 m in the third quarter.
Although the numbers were down, Peter Huntsman, CEO was upbeat. He said: 'I have never been more pleased about our mix of businesses and the strength of our balance sheet. We continue our strategy to move and shift our asset portfolio to more downstream, stable and resilient businesses.'
He added that the company is 'on track to close the divestiture of our Chemical Intermediates and Surfactants businesses in early 2020. This should generate around $1.6 bn of net proceeds'.