Huntsman announces price increases for certain thermoplastic polyurethanes in Europe, Africa, the Middle East and the Indian subcontinent
Everberg, Belgium - Effective October 1, 2008, or as early as contracts allow, the Polyurethanes division of Huntsman Corporation (NYSE:HUN) will increase the price of its IROGRAN®, KRYSTALGRAN® and KRYSTALFLEX® thermoplastic polyurethanes (TPU) in Europe, Africa, the Middle East and the Indian subcontinent by between five and 15 %.
These increases reflect the relentless rise in raw material and feedstock costs, which originate mainly from record-high crude oil prices, which in turn continue to impact the cost of raw materials such as benzene, adipic acid and intermediate polyesters.
This increase will help to ensure that the Polyurethanes division of Huntsman can continue to provide its customers with an unbroken supply of quality TPU products in a competitive and fast growing environment.
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.
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 ch
anges 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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