LONDON — The Huntsman Corporation said on Monday that it had agreed to merge with Clariant of Switzerland, continuing a consolidation push in the chemicals industry.

The all-stock transaction, dubbed a “merger of equals” by the companies, would create a business with a combined market value of about $14 billion.

The chemicals industry has been a major source of deals, as many of its biggest names try to gain scale and reduce costs. Recent transactions have included deals between Dow Chemical and DuPont and Bayer and Monsanto.

The transaction, which would create HuntsmanClariant, is expected to result in $400 million in annual cost savings. Combined, HuntsmanClariant would manufacture coatings, resins and other chemicals for a wide variety of industries and would employ more than 32,000 people worldwide.