The Woodlands, TX - Peter R. Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN) today announced the company plans to build a world scale polyetheramine manufacturing facility in Jurong Island, Singapore.
The company expects the facility, which will have an annual capacity of approximately 30 million pounds, to be operational in the first quarter of 2007.
Mr. Huntsman commented, “Our construction of this new facility is consistent with our corporate strategy of selectively investing in our differentiated businesses, and will help us to meet the rapidly growing demand for polyetheramines, especially in the critical Asia/Pacific region.
“We currently have polyetheramine production facilities in Conroe, Texas and Llanelli, Wales. Completion of the Singapore plant will increase our capacity by approximately 25% and give us a truly global platform for the manufacture and marketing of this specialty product.”
Key polyetheramines applications include epoxy coatings, concrete additives, organic pigments, fuel and lube additives, and herbicides and pesticides.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has 11,300 employees, 57 operations in 22 countries and had 2004 revenues of $11.5 billion.
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 circumstanc
es 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 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. Accordingly, there can be no assurance 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 securities and other applicable laws.