Billingham, UK - The Pigments division of Huntsman Corporation (NYSE:HUN) today announced that it will increase prices of all TIOXIDE® titanium dioxide pigments sold in North America by $0.05 per pound (USD) and $0.05 per pound (CAD) effective from 1st of July 2008 or as applicable contracts allow.
This increase is in addition to the energy surcharge announcement of the 4th of June 2008 and all previously announced price increases.
Despite a relentless drive to improve efficiencies and implement cost reduction programmes, Huntsman said that the price increases are necessary to address declining profitability from significant increases in costs of primary input chemicals, energy and freight. Simon Turner, Senior Vice President of Huntsman Pigments, said that whilst the improvement programme is delivering productivity and efficiency improvements, the scale, magnitude and volatility of input cost increases are at unprecedented levels and the business cannot be expected to continue to absorb the costs.
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its 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 today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
About Huntsman Pigments Division
Huntsman Pigments Division specialises in the manufactur
e and marketing of TIOXIDE® titanium dioxide pigments, a brand with an exceptional reputation for excellence and consistency, trusted and recognised world-wide. TIOXIDE® titanium dioxide pigments add brightness, whiteness, opacity and durability to thousands of consumer products; from decorative paints used in the home to industrial coatings on ocean liners, cars and steel-framed buildings; from nappies and toothpaste to printed circuit boards and computer housing; from sportswear and sporting equipment to boat hulls. Huntsman Pigments Division is an international business employing 2,000 people in facilities in seven countries with a combined total manufacturing capacity of approximately 550,000 tonnes of TiO2 pigment a year.
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. 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.
Senior Vice President
Telephone: +44 (0)1642 376293