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1. GENERAL Definitions For convenience in this report, the terms 鈥淐ompany,鈥� 鈥渙ur鈥� or 鈥渨e鈥� may be used to refer to 乐天堂fun88(中国区)官方网站 Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. Any references to the 鈥淐ompany鈥� 鈥渨e鈥� 鈥渦s鈥� or 鈥渙ur鈥� as of a date prior to October 19, 2004 (the date of our Company鈥檚 formation) are to 乐天堂fun88(中国区)官方网站 Holdings, LLC and its subsidiaries (including their respective predecessors). In this report, 鈥溊痔焯胒un88(中国区)官方网站 International鈥� refers to 乐天堂fun88(中国区)官方网站 International LLC (our wholly-owned subsidiary) and, unless the context otherwise requires, its subsidiaries; 鈥淎AC鈥� refers to Arabian Amines Company, our consolidated manufacturing joint venture with the Zamil Group; 鈥淗PS鈥� refers to 乐天堂fun88(中国区)官方网站 Polyurethanes Shanghai Ltd. (our consolidated splitting joint venture with Shanghai Chlor-Alkali Chemical Company, Ltd); and 鈥淪LIC鈥� refers to Shanghai Liengheng Isocyanate Company (our unconsolidated manufacturing joint venture with BASF and three Chinese chemical companies). In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products. Description of Business We are a global manufacturer of differentiated organic chemical products. We operate in four segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, digital inks, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals and dye industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. Company Our Company, a Delaware corporation, was formed in 2004 to hold the 乐天堂fun88(中国区)官方网站 businesses, which were founded by Jon M. 乐天堂fun88(中国区)官方网站. Mr. 乐天堂fun88(中国区)官方网站 founded the predecessor to our Company in 1970 as a small polystyrene plastics packaging company. Since then, we have grown through a series of acquisitions and now own a global portfolio of businesses. Currently, we operate all of our businesses through 乐天堂fun88(中国区)官方网站 International, our wholly-owned subsidiary. 乐天堂fun88(中国区)官方网站 International is a Delaware limited liability company and was formed in 1999. Recent Developments Sale of Chemical Intermediates Businesses On January 3, 2020, we completed the sale of our Chemical Intermediates Businesses to Indorama in a transaction valued at approximately $2 billion, comprising a cash purchase price of approximately $1.93 billion, which includes estimated adjustments to the purchase price for working capital, plus the transfer of approximately $72 million in net underfunded pension and other post-employment benefit liabilities. The final purchase price is subject to customary post-closing adjustments. The net after tax cash proceeds are expected to be approximately $1.6 billion. For more information, see 鈥淣ote 4. Discontinued Operations and Business Dispositions鈥擲ale of Chemical Intermediates Businesses.鈥�
Icynene-Lapolla Acquisition On December 5, 2019, we entered into an agreement with an affiliate of FFL Partners, LLC to acquire Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam insulation systems for residential and commercial applications. Icynene-Lapolla operates two manufacturing facilities located in Houston, Texas and Mississauga, Ontario. Under terms of the agreement, we agreed to pay $350 million, subject to customary closing adjustments, in an all-cash transaction to be funded from available liquidity. The transaction is expected to close in the first quarter of 2020. The acquired business is expected to be integrated into our Polyurethanes segment.
Acquisition of Remaining Interest in Sasol-乐天堂fun88(中国区)官方网站 Joint Venture
On September 30, 2019, we acquired from Sasol, our former joint venture partner, the 50% noncontrolling interest that we did not own in the Sasol-乐天堂fun88(中国区)官方网站 maleic anhydride joint venture. The joint venture owned a manufacturing facility in Moers, Germany with capacity to produce 230 million pounds of maleic anhydride. We paid Sasol $101 million, which included acquired cash, net of any debt. The purchase price was funded from the 2019 Term Loan.鈥�
乐天堂fun88(中国区)官方网站 Corporation and 乐天堂fun88(中国区)官方网站 International Financial Statements Except where otherwise indicated, these notes relate to the consolidated financial statements for both our Company and 乐天堂fun88(中国区)官方网站 International. The differences between our consolidated financial statements and 乐天堂fun88(中国区)官方网站 International鈥檚 consolidated financial statements relate primarily to the following:
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