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Huntsman Corp. said Wednesday it has acquired the performance additive and titanium dioxide businesses of Rockwood Holdings, Inc. for $1 billion in cash.

Company President and CEO Peter Huntsman said the majority of corporate earnings over the past year have come from its titanium dioxide business and that the addition of Rockwood's operations will help it achieve its goal of reaching $2 billion in earnings before interest, taxes, depreciation and amortization in the next few years.

He said the products acquired from Rockwood make colors more vibrant in plastics, coatings, films, food, cosmetics, pharmaceuticals and paper; treat wood used in residential and commercial construction; improve water purity in industrial, commercial and municipal applications; and are used in molded automotive components.

A publicly traded manufacturer and marketer of chemicals, Huntsman Corp. had 2013 revenues of $13 billion. It has 100 facilities in more than 30 countries, employing about 15,000 people.

Mike Gorrell