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For week ended April 02, 2000 Posted 24 Feb 2001
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Sent on Mormon-News: 04Apr00

Summarized by Kent Larsen

Huntsman Sells Packaging Company For Charity
Salt Lake Tribune 2Apr00 B2
By Guy Boulton: Salt Lake Tribune

SALT LAKE CITY, UTAH -- LDS Billionaire Jon M. Huntsman has agreed to sell the Huntsman Packaging Corp. for $1.1 billion to an investment partnership run by Chase Manhattan Corp. and key executives of the business, including his son-in-law, Huntsman Packaging Corp. CEO Richard Durham. The deal is intended to raise money for Huntsman's philanthropic and charitable causes, including the ambitious Huntsman Cancer Institute at the University of Utah.

Huntsman Corp. spokesman Don Olsen said, "He has large plans for the Huntsman Cancer Institute, and the proceeds from the sale of Huntsman Packaging will help him accomplish those," Huntsman started trying to sell his 61% stake in the company late last year the rest is owned by Durham and other key executives. Huntsman Packaging manufactures flexible packaging. It was formed in 1992 when Huntsman purchased Goodyear Tire and Rubber Co.'s film and flexible packaging business. Since that time, the company has added 13 other businesses. Its best known product is the recently-purchased technology for Ziploc storage bags.

Huntsman Chemical, the company Huntsman founded, is the largest privately held chemical company in the U.S., and the business has made him one of the richest men in the country, with a net worth estimated at more than $3 billion. He has given away $75 to $100 million a year in recent years, to causes ranging from the University of Pennsylvania's Wharton School of Business to earthquake victims in Armenia. In 1995 he pledged $90 million to establish the Huntsman Cancer Institute, and has since donated another $60 million. Huntsman is seeking to make the Institute one of the finest research centers in the world.

Durham will remain in control of Huntsman Packaging, an $800 million a year company with plants in Texas, Ohio, New York, Kentucky and elsewhere. He picks up the title of chairman, along with the CEO title that he already holds. The company employs about 3,800 people. The sale should be completed within a few months.


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