Huntsman Announces Chinese Polyols Joint Venture with Jurong Ningwu Chemical Company
The Woodlands, TX - The Polyurethanes division of Huntsman Corporation (HUN:NYSE) announced today the creation of a new, China-based, joint venture with Jurong Ningwu Chemical Co. Ltd, to research, develop, manufacture and sell base polyether polyol products.
The joint venture company will be known as Jurong New Ningwu Chemical Co. Ltd, and will be located in Jurong City, in the south of Jiangsu province. It will be run as a standalone operation, led by Mr. Ying Jun, General Manager of the joint venture.
“We are committed to the long-term development of our business in China and the joint venture with Ningwu is the latest step in our program to build capability in this dynamic growth market”, said Tony Hankins, President of Huntsman’s Polyurethanes division. “We’re very excited to be partnering with one of the major polyols producers in the country and look forward to combining our unique talents to achieve sustained success.”
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 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues exceeding $10 billion. 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 man
agement’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.
Michael Scharf +32 (0)475 380629