EVERBERG BELGIUM – The Performance Products division of Huntsman Corporation (NYSE:HUN) today announced plans to close its commodity surfactants plant in Patrica, Italy.
EVERBERG BELGIUM – The Performance Products division of Huntsman Corporation (NYSE:HUN) today announced plans to close its commodity surfactants plant in Patrica, Italy. It is expected that all site activities will cease by the end of October 2014.
Last October the company announced that it was transitioning away from a number of surfactant assets and product lines in Europe that had become commoditized and would focus instead on developing and growing the remaining differentiated surfactants businesses in Huntsman’s chosen strategic markets.
Huntsman is also announcing today that it has signed an agreement to sell its European commodity surfactant business to Wilmar International Limited, which includes Huntsman’s ethoxylation facility at Lavera, France and additional sulphated chemicals capacity from two of Huntsman’s other European surfactant plants in St. Mihiel, France and Castiglione delle Stiviere, Italy. That deal is expected to close in about three months, subject to completion of national regulatory procedures.
Stu Monteith, President of Huntsman’s Performance Products division said: “We regret to announce this planned closure of Patrica but the increasing lack of profitability of this site’s products together with the absence of an appropriate buyer has left us with no choice. We very much regret the impact on the site’s 74 employees but we are committed to treating everyone with dignity and respect and to provide support.”
Huntsman will now be entering into the consultation process with employee representatives and regulatory authorities. A detailed transition plan is being put in place for customers and suppliers.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 billion. Our chemical products number in the thousands and are s
old worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 80 manufacturing and R&D facilities in 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. 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. 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.
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