Kraton To Review Strategic Alternatives For Cariflex Business, Incl. Sale

(RTTNews) - Kraton Corp. (KRA) said that its board has initiated a process to review strategic alternatives for its Cariflex business, which may result in a sale of that business.

Separately, the Board has authorized a repurchase program for up to $50 million of the Company's outstanding shares.

The company will release its fourth quarter and full year 2018 financial results on February 27, 2019, and will host a conference call at 8:00 a.m. Central on February 28, 2019 to discuss those results.

The company expects to report 2018 Adjusted EBITDA in line with its revised full year guidance of approximately $380 million, excluding any adverse impacts from Hurricane Michael.

The company expects that the majority of proceeds from any full or partial monetization of the Cariflex business would be used to reduce debt in accordance with the Company's goal of deleveraging as a means of increasing financial flexibility and driving long-term shareholder value.