Global manufacturer and marketer of differentiated and specialty chemicals Huntsman Corporation announced today that Albemarle had agreed to accelerate payment of the award Huntsman received in a recent arbitration case.

Under the agreement reached after discussions directly between the two companies' CEOs, Albemarle will pay Huntsman $665,000,000 in two equal installments, the first of which will be made before December 3, 2021, and the second one before May 2, 2022.

Net of legal fees but before taxes, Huntsman will receive $465,000,000 in total. After receipt of the second payment, Huntsman will terminate all proceedings relating to the dispute.