Huntsman Announces Groundbreaking Event for Expansion Project at McIntosh, AL Facility
Expansion to Impact Aerospace and Composite Industries
THE WOODLANDS, Texas –Huntsman Corporation (NYSE: HUN) today announced a groundbreaking event celebrating the expansion of its McIntosh, AL., facility, which manufactures specialty epoxy resins.
The groundbreaking event will take place:
When: Wednesday, May 29, 1:30 p.m.
Where: Industrial Road, McIntosh, AL.
Speakers: Peter Huntsman, President and CEO of Huntsman Corporation, and James Huntsman, Division President- Advanced Materials
Facility tours will be offered after the groundbreaking and comments by Huntsman executives.
The composite parts made with Huntsman's specialty epoxy resins give high-performance industrial components greater impact resistance and reduced maintenance over their lifecycle. Perhaps most importantly, they provide greater strength from a lighter product. For the aerospace, automotive and oil and gas industries, this can lead to significant fuel and overall cost savings.
According to recent reports, fuel purchases represent 30 to 40 percent of a transport aircraft’s direct operating costs and jet fuel prices continue to climb. They are 18 percent higher today than they were five years ago.
“Every pound on a plane – from passengers and luggage to airplane parts – contributes to fuel costs. If you can reduce the weight of the airplane, you will reduce your fuel needs and lower operating costs,” says Carl Holt, Huntsman Aerospace & Composites Marketing Manager.
The use of lighter and stronger composite materials has dramatically grown over the past decade, resulting in greater fuel efficiency and lower costs for the airline industry.
Huntsman Advanced Materials, the global
market leader in specialty epoxy resins, has invested significantly over the last 12 months in the expansion of its capacity and capability to produce these resins both in the United States and Europe. The McIntosh investment will more than double the site's production capacity, bringing Huntsman’s total global capacity to 11,000 metric tons upon completion of the project, expected in late 2014.
This investment keeps pace with the aerospace industry's projected growth. According to the Boeing Market Outlook Report, over the next 20 years, the airline industry alone will need 34,000 new airplanes, of which 41 percent will replace older, less efficient airplanes.
James Huntsman, President, Advanced Materials Division, said, “These investments will bring enormous benefit and value to our customers around the world, helping them address some of the engineering challenges they face to produce lighter, more efficient materials. We greatly appreciate the help and support we have received from the State of Alabama in helping to bring this project to life.”
The expansion project is expected to add 150 contractor jobs during the construction phase, and approximately 25 full-time positions once the facility reaches full capacity.
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 H
untsman, 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. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.