Latest: American chemical group Huntsman is in the process of selling its textile division to private equity firm SK Capital conducts in-depth negotiations. The business is worth about $1 billion, but it is also possible that Huntsman may choose to keep the unit.

SK Capital could potentially combine the unit with Archroma, which it acquired from Swiss firm Clariant in 2013 Businesses established when AG acquired textile chemicals, paper specialty products and emulsion assets.

Huntsman and SK Capital did not immediately respond to requests for comment on the sale of the business.

It is understood that Huntsman announced in December that it was conducting a strategic review of the division. The Singapore-based textile unit, which produces dyes for cotton, wool, nylon and polyester textiles, has adjusted earnings before interest, taxes, depreciation and amortization of about $100 million in 2021.