Huntsman Invests $135 Million in US and European MDI Manufacturing Plants
THE WOODLANDS, Texas, March 21, 2013
THE WOODLANDS, Texas, March 21, 2013 /PRNewswire/ --Huntsman Corporation
(NYSE: HUN) today announced a combined investment of $135 million at two of
its worldscale methylene diphenyl diisocyanate (MDI) manufacturing facilities:
increasing capacity at its Geismar, USA site and upgrading its downstream
specialties production capability at its Rotterdam, the Netherlands site.
The Geismar capacity will be increased by 50ktes to 500ktes using improved
process technology developed by Huntsman. The expansion will enable Huntsman
to support the growth of its key customers and leverages the significant
advantages of the Geismar site, with its access to US shale gas, strong
logistics base and excellent integration. The new capacity is expected to come
on-stream in 2014 and will further consolidate Huntsman's position as the
leading MDI producer in the Americas region.
At its Rotterdam facility, Huntsman is commissioning a new state-of-the-art
MDI splitter and downstream specialties manufacturing unit which will enable
Huntsman to serve customers with a full range of next-generation,
differentiated polyurethane products for automotive, adhesives, coatings and
other applications. The unit is designed to handle globally sourced MDI
precursor and will be operational by the end of March.
Anthony P. Hankins, President of Huntsman Polyurethanes, said: "The Geismar
investment enables us to strengthen our upstream cost leadership position,
while the Rotterdam investment gives us greater flexibility to provide
downstream, customized products. The benefits of US shale gas have
significantly improved the economics of investing in US facilities and
Huntsman has a number of other investments planned which will take advantage
of lower cost natural gas.
In making these investments, Huntsman has benefited from the support of the
Louisiana Economic Development and Ascension Parish Economic Development in
the US, and the national government in The Netherlands. We thank them for
their cooperation and support."
In addition to its Geismar and Rotterdam sites, Huntsman Polyurethanes
operates a third worldscale MDI facility in Caojing, Shanghai.
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.
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. In
addition, the completion of any transactions described in this release is
subject to a number of uncertainties and closing will be subject to approvals
and other customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or that the company's expectations will be
realized. 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
Contact: Media, Gary Chapman, +1-281-719-4324, or Investors, Kurt Ogden,
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