Huntsman Releases Fourth Quarter And Full Year 2012 Results; Reports Record Full Year Adjusted EBITDA Of $1.4 Billion And
Huntsman Releases Fourth Quarter And Full Year 2012 Results; Reports Record
Full Year Adjusted EBITDA Of $1.4 Billion And Announces Increased Common
Dividend
PR Newswire
THE WOODLANDS, Texas, Feb. 12, 2013
THE WOODLANDS, Texas, Feb. 12, 2013 /PRNewswire/ --
Full Year 2012 Highlights
o Net income attributable to Huntsman Corporation increased to $363 million
compared to $247 million in the prior year period.
o Adjusted EBITDA improved 15% to $1,396 million compared to the prior year
period.
o Adjusted diluted income per share improved 33% to $2.25 compared to the
prior year period.
Fourth Quarter 2012 Highlights
o Adjusted EBITDA was $233 million compared to $243 million in the prior
year period.
o Adjusted diluted income per share was $0.24 compared to $0.28 in the prior
year period.
o Net loss attributable to Huntsman Corporation was $40 million compared to
$105 million of income in the prior year period. The decrease from the
prior year period was primarily due to a $78 million loss on early
extinguishment of debt (compared to $2 million in the prior year period)
and $40 million of restructuring costs (compared to $4 million of credits
in the prior year period).
Increased Common Dividend
o The company's board of directors has declared a $0.125 per share cash
dividend on its common stock. The dividend is payable on March 29, 2013
to stockholders of record as of March 15, 2013.
Three months ended Twelve months ended
December 31, September December 31,
30,
In millions, except
per share amounts, 2012 2011 2012 2012 2011
unaudited
Revenues $ 2,619 $ $ 2,741 $ 11,187 $ 11,221
2,632
Net (loss) income $ $ $ $
attributable to Huntsman (40) 105 $ 116 363 247
Corporation
Adjusted net $ $ $ 168 $ $
income^(1) 58 68 542 408
Diluted (loss) income $ $ $ 0.48 $ $
per share (0.17) 0.44 1.51 1.02
Adjusted diluted $ 0.24 $ $ 0.70 $ $
income per share^(1) 0.28 2.25 1.69
EBITDA^(1) $ 104 $ $ 341 $ $
273 1,187 1,039
Adjusted EBITDA^(1) $ 233 $ $ 401 $ $
243 1,396 1,214
See end of press release for footnote explanations
Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2012 results
with revenues of $2,619 million and adjusted EBITDA of $233 million.
Peter R. Huntsman, our President and CEO, commented:
"Our 2012 adjusted EBITDA of $1.4 billion represents record earnings for our
current configuration of businesses. I am very enthusiastic about the
direction in which the company is headed. Within our largest division –
Polyurethanes – our MDI business is growing at attractive rates, and future
prospects are pointing towards tighter market conditions. In the fourth
quarter, I was pleased to see that our smallest division – Textile Effects –
recorded positive earnings as a result of our restructuring and cost cutting
efforts. Our Pigments division is going through a business cycle where we
expect an improvement in earnings beginning in the second half of 2013.
We have put programs in place across our divisions that will enhance our
future competitiveness and increase shareholder value. I expect the future
annual benefits of these programs to be approximately $190 million when
complete in the middle of 2014.
The company generated more than $200 million in cash from operations and
repaid $50 million of term loans in the fourth quarter. We look forward to
funding future growth opportunities with free cash flow generation and remain
committed to reducing our overall debt."
Segment Analysis for 4Q12 Compared to 4Q11
Polyurethanes
The increase in revenues in our Polyurethanes division for the three months
ended December 31, 2012 compared to the same period in 2011 was due to higher
average selling prices and higher sales volumes partially offset by the
strength of the U.S. dollar against the euro. PO/MTBE average selling prices
increased primarily due to favorable market conditions. MDI average selling
prices increased in all regions partially offset by the strength of the U.S.
dollar against the euro. MDI sales volumes increased primarily due to strong
demand globally for insulation and the housing & automotive recovery in North
America, PO/MTBE volumes increased due to strong demand. The increase in
adjusted EBITDA was primarily due to higher volumes, higher contribution
margins and lower fixed costs.
Performance Products
The decrease in revenues in our Performance Products division for the three
months ended December 31, 2012 compared to the same period in 2011 was due to
lower sales volumes and lower average selling prices. Sales volumes decreased
primarily due to lower product availability of intermediates as we prepared
for our first quarter 2013 maintenance and softer demand for European
surfactants. Average selling prices declined due to lower raw material costs
and the strength of the U.S. dollar against major international currencies,
partially offset by an improvement in sales mix. The increase in adjusted
EBITDA was primarily due to higher sales volumes and higher contribution
margins in our amines business as well as higher contribution margins in our
maleic anhydride and North American intermediates businesses.
Advanced Materials
Revenues were essentially unchanged in our Advanced Materials division for the
three months ended December 31, 2012 compared to the same period in 2011 as
higher sales volumes offset lower average selling prices. Sales volumes
increased primarily due to stronger demand in the Americas, Asia Pacific and
India while sales volumes in Europe decreased due to planned manufacturing
maintenance and lower demand in the wind energy market. Average selling
prices decreased primarily due to competitive market pressure, lower raw
material costs in most regions and the strength of the U.S. dollar against
major international currencies. The decrease in adjusted EBITDA was primarily
due to lower contribution margins partially offset by lower selling, general
and administrative costs as a result of recent restructuring efforts.
On January 23, 2013 we announced a comprehensive restructuring program in our
Advanced Materials division designed to improve efficiencies and increase its
global competitiveness. We expect the program to be complete by the middle of
2014 with future annual benefits of approximately $70 million.
Textile Effects
The increase in revenues in our Textile Effects division for the three months
ended December 31, 2012 compared to the same period in 2011 was due to higher
sales volumes, partially offset by lower average selling prices. Sales
volumes increased due to increased global market share and improved demand.
The increase in local currency average selling prices was offset by the
strength of the U.S. dollar against major international currencies. The
increase in adjusted EBITDA was primarily due to higher sales volumes and
lower manufacturing and selling, general and administrative costs as a result
of our restructuring efforts.
Pigments
The decrease in revenues in our Pigments division for the three months ended
December 31, 2012 compared to the same period in 2011 was due to lower sales
volumes and lower average selling prices. Sales volumes decreased primarily
due to lower global demand and customer destocking. Average selling prices
decreased due to lower global demand and the strength of the U.S. dollar
against major international currencies. The decrease in adjusted EBITDA was
primarily due to lower sales volumes and lower contribution margins.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by $15 million to a
loss of $49 million for the three months ended December 31, 2012 compared to a
loss of $34 million for the same period in 2011. The decrease in adjusted
EBITDA was primarily the result of a $6 million increase in LIFO inventory
valuation expense (income of nil in 2012 compared to $6 million of income in
2011) and increased corporate expenses.
Liquidity, Capital Resources and Outstanding Debt
As of December 31, 2012 we had $887 million of combined cash and unused
borrowing capacity compared to $1,043 million at December 31, 2011.
For the three months ended December 31, 2012 our primary net working capital
decreased by $130 million and we generated $218 million in cash from
operations. For the year ended December 31, 2012 our primary net working
capital increased by $102 million and we generated $774 million in cash from
operations.
On October 31, 2012 we repaid $50 million of our senior secured term loans due
2014.
On December 3, 2012 we used the proceeds of our recent 4.875% senior notes
offering due 2020 to redeem $400 million of 5.5% senior notes due 2016. In
connection with the redemption, we recognized a loss on early extinguishment
of debt in the fourth quarter of approximately $77 million. The 5.5% senior
notes were favorably issued to us at less than market interest rates;
accounting standards required us to record the notes on our balance sheet at
less than face value and amortize the difference over time up to the full face
value of $400 million. As a result, when we refinanced the notes we
recognized an increase of recorded debt on our balance sheet of $73 million.
Total capital expenditures for the year ended December 31, 2012 were $412
million. We expect to spend approximately $450 million on capital
expenditures in 2013 which approximates our annual depreciation and
amortization.
Income Taxes
During the three months ended December 31, 2012 we recorded an income tax
benefit of $17 million and paid $71 million in cash for income taxes. Our
adjusted effective income tax rate for the three months ended December 31,
2012 was approximately 26%.
During the year ended December 31, 2012 we recorded income tax expense of $169
million and paid $224 million in cash for income taxes. Our adjusted
effective income tax rate for the year ended December 31, 2012 was
approximately 30%.
We expect our full year 2013 adjusted effective tax rate to be approximately
35% primarily due to the effect of tax valuation allowances and expected
regional mix of income. We expect our long term effective income tax rate to
be approximately 30 - 35%.
Conference Call Information
We will hold a conference call to discuss our fourth quarter and full year
2012 financial results on Tuesday, February 12, 2013 at 10:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 713 - 4205
International participants (617) 213 - 4862
Passcode 39830729
In order to facilitate the registration process, you may use the following
link to pre-register for the conference call. Callers who pre-register will be
given a unique PIN to gain immediate access to the call and bypass the live
operator. You may pre-register at any time, including up to and after the call
start time. To pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=P9P3QHHYU
Webcast Information
The conference call will be available via webcast and can be accessed from the
investor relations portion of the company's website at huntsman.com.
Replay Information
The conference call will be available for replay beginning February 12, 2013
and ending February 19, 2013.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 46339142
Table 1 – Results of Operations
Three months ended Twelve months ended
December 31, December 31,
In millions, except per 2012 2011 2012 2011
share amounts, unaudited
Revenues $ 2,619 $ 2,632 $ 11,187 $ 11,221
Cost of goods sold 2,199 2,243 9,153 9,381
Gross profit 420 389 2,034 1,840
Operating expenses 305 246 1,097 1,067
Restructuring, impairment
and plant closing costs 40 (4) 92 167
(credits)
Operating income 75 147 845 606
Interest expense, net (54) (62) (226) (249)
Equity in income of
investment in 2 2 7 8
unconsolidated affiliates
Loss on early (78) (2) (80) (7)
extinguishment of debt
Other (loss) income (1) 2 1 2
(Loss) income before income (56) 87 547 360
taxes
Income tax benefit 17 2 (169) (109)
(expense)
(Loss) income from (39) 89 378 251
continuing operations
Income (loss) from
discontinued operations, - 4 (7) (1)
net of tax^(2)
Extraordinary gain on the
acquisition of a business, 1 2 2 4
net of tax of nil
Net (loss) income (38) 95 373 254
Net (income) loss
attributable to (2) 10 (10) (7)
noncontrolling interests,
net of tax
Net (loss) income
attributable to Huntsman $ (40) $ 105 $ 363 $ 247
Corporation
Adjusted EBITDA^(1) $ 233 $ 243 $ 1,396 $ 1,214
Adjusted net income^(1) $ 58 $ 68 $ 542 $ 408
Basic (loss) income per $ (0.17) $ 0.45 $ 1.53 $ 1.04
share
Diluted (loss) income per $ (0.17) $ 0.44 $ 1.51 $ 1.02
share
Adjusted diluted income per $ 0.24 $ 0.28 $ 2.25 $ 1.69
share^(1)
Common share information:
Basic shares outstanding 238.2 235.7 237.6 237.6
Diluted shares 238.2 239.5 240.6 241.7
Diluted shares for adjusted 241.3 239.5 240.6 241.7
diluted income per share
See end of press release for footnote explanations
Table 2 – Results of Operations by Segment
Three months ended Twelve months ended
December 31, Better / December 31, Better /
In millions, 2012 2011 (Worse) 2012 2011 (Worse)
unaudited
Segment Revenues:
Polyurethanes $ $ 13% $ 4,894 $ 10%
1,182 1,043 4,434
Performance 723 755 (4)% 3,065 3,301 (7)%
Products
Advanced 311 313 (1)% 1,325 1,372 (3)%
Materials
Textile Effects 190 174 9% 752 737 2%
Pigments 286 399 (28)% 1,436 1,642 (13)%
Eliminations and (73) (52) (40)% (285) (265) (8)%
other
Total $ $ --- $ 11,187 $ ---
2,619 2,632 11,221
Segment Adjusted
EBITDA^(1):
Polyurethanes $ $ 135% $ 772 $ 62%
186 79 476
Performance 79 60 32% 361 374 (3)%
Products
Advanced 6 15 (60)% 92 111 (17)%
Materials
Textile Effects 1 (22) NM (22) (64) 66%
Pigments 10 145 (93)% 362 508 (29)%
Corporate, LIFO (49) (34) (44)% (169) (191) 12%
and other
Total $ $ (4)% $ 1,396 $ 15%
233 243 1,214
See end of press release for footnote explanations
Table 3 – Factors Impacting Sales Revenues
Three months ended
December 31, 2012 vs. 2011
Average Selling
Price^(a)
Local Exchange Sales Sales
Mix
Unaudited Currency Rate & Volume^(a) Total
Other
Polyurethanes 6% (2)% (1)% 10% 13%
Performance Products (3)% (2)% 5% (4)% (4)%
Advanced Materials (6)% (3)% 1% 7% (1)%
Textile Effects 1% (2)% (1)% 11% 9%
Pigments (9)% (2)% --- (17)% (28)%
Total Company --- (2)% --- 2% ---
Twelve months ended
December 31, 2012 vs. 2011
Average Selling
Price^(a)
Local Exchange Sales Sales
Mix
Unaudited Currency Rate & Volume^(a) Total
Other
Polyurethanes 4% (2)% --- 8% 10%
Performance Products (3)% (3)% 2% (3)% (7)%
Advanced Materials (6)% (4)% --- 7% (3)%
Textile Effects --- (4)% (1)% 7% 2%
Pigments 14% (5)% --- (22)% (13)%
Total Company 2% (3)% 1% --- ---
(a) Excludes revenues and sales volumes primarily from tolling arrangements
and the sale of by-products and raw materials.
Table 4 – Reconciliation of U.S. GAAP to Non-GAAP Measures
Income Tax Net Income Diluted Income
(Loss) (Loss)
EBITDA (Expense) Attrib. to Per Share
Benefit HUN Corp.
Three months Three months Three Three months
ended ended months ended
ended
December 31, December 31, December December 31,
31,
In millions, except
per share amounts, 2012 2011 2012 2011 2012 2011 2012 2011
unaudited
$ $ $ $ $ $ $ $
GAAP^(1) 104 273 17 2 (40) (0.17) 0.44
105
Adjustments:
Legal settlements
and related 6 8 (2) (3) 4 5 0.02 0.02
expenses
Loss on early
extinguishment of 78 2 (28) (1) 50 1 0.21 -
debt
Restructuring,
impairment, plant
closing and 45 (4) (4) (7) 41 (11) 0.17 (0.05)
transition costs
(credits)
Discount
amortization on
settlement N/A N/A (3) (2) 5 5 0.02 0.02
financing
associated with the
terminated merger
Acquisition 3 - (1) - 2 - 0.01 -
expenses
Gain on disposition
of (3) (34) - 3 (3) (31) (0.01) (0.13)
businesses/assets
Loss (income) from
discontinued 1 - N/A N/A - (4) - (0.02)
operations, net of
tax^(2)
Extraordinary gain
on the acquisition (1) (2) N/A N/A (1) (2) - (0.01)
of a business, net
of tax
$ $ $ $ $ $ $ $
Adjusted^(1) 233 243 (21) 58 0.24 0.28
(8) 68
Adjusted income tax 21 8
expense
Net income (loss)
attributable to
noncontrolling 2 (10)
interests, net of
tax
Adjusted pre-tax $ $
income^(1) 81
66
Adjusted effective 26% 12%
tax rate
Income Tax Net Income Diluted Income
(Loss) (Loss)
EBITDA (Expense) Attrib. to Per Share
Benefit HUN Corp.
Three months Three months Three Three months
ended ended months ended
ended
September 30, September September September 30,
30, 30,
In millions, except
per share amounts, 2012 2012 2012 2012
unaudited
GAAP^(1) $ $ $ $
341 (61) 116 0.48
Adjustments:
Legal settlements
and related 4 (2) 2 0.01
expenses
Loss on early
extinguishment of 1 (1) - -
debt
Loss on initial
consolidation of 4 - 4 0.02
subsidiaries
Restructuring,
impairment, plant 51 (11) 40 0.17
closing and
transition costs
Discount
amortization on
settlement N/A (3) 5 0.02
financing
associated with the
terminated merger
Acquisition 1 - 1 -
expenses
Loss from
discontinued - N/A 1 -
operations, net of
tax^(2)
Extraordinary gain
on the acquisition (1) N/A (1) -
of a business, net
of tax^(3)
Adjusted^(1) $ $ $ $
401 (78) 168 0.70
Adjusted income tax 78
expense
Adjusted pre-tax $
income^(1) 250
Adjusted effective 31%
tax rate
Income Tax Net Income Diluted Income
(Loss) (Loss)
EBITDA (Expense) Attrib. to Per Share
Benefit HUN Corp.
Twelve months Twelve Twelve Twelve months
ended months ended months ended
ended
December 31, December 31, December December 31,
31,
In millions, except
per share amounts, 2012 2011 2012 2011 2012 2011 2012 2011
unaudited
$ $ $ $ $ $ $ $
GAAP^(1) 1,187 1,039 (169) (109) 363 1.51 1.02
247
Adjustments:
Legal settlements
and related 11 46 (4) (17) 7 29 0.03 0.12
expenses
Loss on early
extinguishment of 80 7 (29) (3) 51 4 0.21 0.02
debt
Loss (gain) on
initial 4 (12) - 2 4 (10) 0.02 (0.04)
consolidation of
subsidiaries
Restructuring,
impairment, plant 109 167 (18) (11) 91 156 0.38 0.65
closing and
transition costs
Discount
amortization on
settlement
financing N/A N/A (11) (10) 20 18 0.08 0.07
associated with
the terminated
merger
Acquisition 5 5 (1) (1) 4 4 0.02 0.02
expenses
Gain on disposition
of (3) (40) - 3 (3) (37) (0.01) (0.15)
businesses/assets
Loss from
discontinued 5 6 N/A N/A 7 1 0.03 -
operations, net of
tax^(2)
Extraordinary gain
on the acquisition (2) (4) N/A N/A (2) (4) (0.01) (0.02)
of a business, net
of tax
$ $ $ $ $ $ $ $
Adjusted^(1) 1,396 1,214 (232) (146) 542 2.25 1.69
408
Adjusted income tax 232 146
expense
Net income
attributable to
noncontrolling 10 7
interests, net of
tax
Adjusted pre-tax $ $
income^(1) 784
561
Adjusted effective 30% 26%
tax rate
See end of press release for footnote
explanations
Table 5 – Reconciliation of Net Income (Loss) to EBITDA
Three months ended Twelve months ended
December 31, September 30, December 31,
In millions, unaudited 2012 2011 2012 2012 2011
Net (loss) income $
attributable to Huntsman $ (40) $105 116 $ 363 $ 247
Corporation
Interest expense, net 54 62 56 226 249
Income tax (benefit)
expense from continuing (17) (2) 61 169 109
operations
Income tax benefit from
discontinued (1) (4) - (3) (5)
operations^(2)
Depreciation and
amortization of continuing 108 112 107 427 439
operations
Depreciation and
amortization of - - 1 5 -
discontinued
operations^(2)
EBITDA^(1) $104 $273 $ $1,187 $1,039
341
See end of press release for footnote explanations
Table 6 – Selected Balance Sheet Items
December 31, September 30, December 31,
In millions 2012 2012 2011
(unaudited)
Cash $ 396 $ 444 $ 562
Accounts and notes 1,534 1,626 1,529
receivable, net
Inventories 1,819 1,807 1,539
Other current assets 370 365 316
Property, plant and 3,745 3,626 3,622
equipment, net
Other assets 1,020 1,078 1,089
Total assets $ 8,884 $ 8,946 $ 8,657
Accounts payable $ 1,102 $ 1,017 $ 862
Other current 791 758 752
liabilities
Current portion of debt 288 130 212
Long-term debt 3,414 3,550 3,730
Other liabilities 1,393 1,275 1,325
Total equity 1,896 2,216 1,776
Total liabilities and $ 8,884 $ 8,946 $ 8,657
equity
Table 7 – Outstanding Debt
December 31, September 30, December 31,
In millions 2012 2012 2011
(unaudited)
Debt:
Senior credit facilities $ 1,565 ^(a) $ 1,613 $ 1,696
Accounts receivable programs 241 237 237
Senior notes 568 ^(b) 490 472
Senior subordinated notes 892 892 976
Variable interest entities 270 266 281
Other debt 166 182 280
Total debt - excluding 3,702 3,680 3,942
affiliates
Total cash 396 444 562
Net debt- excluding affiliates $ 3,306 $ 3,236 $ 3,380
(a) net of $26 million unamortized discount as of December 31, 2012
(b) net of $32 million unamortized discount as of December 31, 2012
Table 8 – Summarized Statement of Cash Flows
Three months ended Year ended
December 31, December 31,
In millions, unaudited 2012 2012 2011
Total cash at beginning of $ $ 562 $ 973
period 444
Net cash provided by operating 218 774 365
activities
Net cash used in investing (172) (471) (280)
activities
Net cash used in financing (95) (473) (490)
activities
Effect of exchange rate changes 1 3 (7)
on cash
Change in restricted cash - 1 1
Total cash at end of period $ $ 396 $ 562
396
Supplemental cash flow
information:
Cash paid for interest $ $ (209) $ (204)
(32)
Cash paid for income taxes (71) (224) (119)
Cash paid for capital (164) (412) (330)
expenditures
Depreciation & amortization 108 432 439
Changes in primary working
capital:
Accounts and notes receivable 102 - (121)
Inventories 4 (248) (161)
Accounts payable 24 146 24
Total source (use) of cash $ $ (102) $ (258)
130
Footnotes
We use EBITDA and adjusted EBITDA to measure the operating performance of
our business. We provide adjusted net income because we feel it provides
meaningful insight for the investment community into the performance of
our business. We believe that net income (loss) attributable to Huntsman
(1) Corporation is the performance measure calculated and presented in
accordance with generally accepted accounting principles in the U.S.
("GAAP") that is most directly comparable to EBITDA, adjusted EBITDA and
adjusted net income. Additional information with respect to our use of
each of these financial measures follows:
EBITDA is defined as net income (loss) attributable to Huntsman
Corporation before interest, income taxes, and depreciation and
amortization. EBITDA as used herein is not necessarily comparable to other
similarly titled measures of other companies. The reconciliation of EBITDA
to net income (loss) attributable to Huntsman Corporation is set forth in
Table 5 above.
Adjusted EBITDA is computed by eliminating the following from EBITDA:
EBITDA from discontinued operations; restructuring, impairment, plant
closing and transition costs (credits); acquisition expenses; certain
legal settlements and related expenses; loss on early extinguishment of
debt; loss (gain) on initial consolidation of subsidiaries; extraordinary
loss (gain) on the acquisition of a business; and loss (gain) on
disposition of businesses/assets. The reconciliation of adjusted EBITDA
to EBITDA is set forth in Table 4 above.
Adjusted net income (loss) is computed by eliminating the after tax impact
of the following items from net income (loss) attributable to Huntsman
Corporation: loss (income) from discontinued operations; restructuring,
impairment, plant closing and transition costs (credits); discount
amortization on settlement financing associated with the terminated
merger; acquisition expenses; certain legal settlements and related
expenses; loss on early extinguishment of debt; loss (gain) on initial
consolidation of subsidiaries; extraordinary loss (gain) on the
acquisition of a business; and loss (gain) on disposition of
businesses/assets. We do not adjust for changes in tax valuation
allowances because we do not believe it provides more meaningful
information than is provided under GAAP. The reconciliation of adjusted
net income (loss) to net income (loss) attributable to Huntsman
Corporation common stockholders is set forth in Table 4 above.
During the first quarter 2010 we closed our Australian styrenics
(2) operations, results from this business are treated as discontinued
operations.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals.
Our operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation, textiles,
footwear, paints and coatings, construction, technology, agriculture, health
care, detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and, later, for rapid
and integrated growth in petrochemicals, Huntsman has approximately 12,000
employees and operates from multiple locations worldwide. The Company had 2012
revenues of over $11 billion. For more information about Huntsman, please
visit the company's website at www.huntsman.com.
Forward-Looking Statements:
Statements in this release that are not historical are forward-looking
statements. These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are subject to
uncertainty and changes in circumstances and involve risks and uncertainties
that may affect the company's operations, markets, products, services, prices
and other factors as discussed in the Huntsman companies' filings with the
U.S. Securities and Exchange Commission. Significant risks and uncertainties
may relate to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological factors. The
company assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise required by
applicable laws.
SOURCE Huntsman Corporation
Website: http://www.huntsman.com
Contact: Investors, Kurt Ogden, +1-801-584-5959, or Media, Gary Chapman,
+1-281-719-4324
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