Everberg, Belgium – Huntsman Corporation (NYSE: HUN) and PUR-Systems GmbH & Co. KG today announced they have taken all the necessary steps to form a joint venture for making and selling polyurethane systems in Central Europe and elsewhere. The joint venture commences operation immediately.
A memorandum of understanding between the two companies, giving Huntsman a majority share, was signed last May. The financial terms were not disclosed.
Nick Webster, Vice President of Huntsman’s Polyurethanes division in Europe said: “Completion of the formation of this joint venture marks a further step in our determination to strengthen our position in the European region and in particular in downstream rigid systems.” He added: “We are delighted that the PUR-Systems team is joining with Huntsman.”
“We are very happy to have secured such a strong, upstream partner as Huntsman, with whom we can also exchange technology to further develop new markets,” said Dipl. Ing. Christian Duve, Founder and Managing Director of PUR-Systems.
The PUR-Systems systems house will be run as a stand-alone operation with its existing management led by Christian Duve and about 20 employees.
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 w
ebsite at www.huntsman.com.
Forward Looking Statement:
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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