Huntsman is a global specialty chemical company whose two core businesses are polyurethanes and advanced materials. The polyurethanes segment — the largest and primary earnings driver — is centered on methylene diphenyl diisocyanate (MDI), a building block chemical used to make foams, adhesives, coatings, and sealants for construction insulation, furniture, automotive seating, footwear, and refrigeration. Huntsman operates world-scale MDI plants in Louisiana, the Netherlands, and China, plus 21 downstream "systems houses" that blend proprietary MDI formulations close to customers. Profitability in this segment is driven by the spread between MDI prices and benzene costs, plant utilization rates, and the mix between commodity polymeric MDI and higher-margin formulated systems. The advanced materials segment makes high-performance epoxy and polymer formulations for aerospace structural adhesives, electrical insulation, automotive lightweighting, and electronics — selling to customers like Boeing, Airbus, BMW, and Siemens under brands like ARALDITE. Once qualified for an aircraft or power transformer, Huntsman's products typically stay in that application for over a decade, creating recurring, higher-margin revenue that is less cyclically sensitive than polyurethanes. A smaller performance products segment produces specialty amines and maleic anhydride for fuel additives, gas treatment, and agriculture. Huntsman's strategy is to shift the portfolio toward advanced materials through M&A while restructuring its cost base, including closing European facilities and consolidating production in lower-cost US plants.