Huntsman Textile Effects Announces Price Increases for Textile Dyes and Chemicals in Europe, Middle East and Africa
Langweid, Germany - Huntsman Textile Effects today announced that it will increase prices to become effective immediately or as soon as contracts allow.
“This price increase has become necessary in reaction to continued high crude oil, energy and transportation costs; sharply rising raw material costs caused by the removal of certain preferential export tariffs in China from July 1, 2007; and the limited availability of key raw materials from China, caused by the closure of certain production plants to alleviate the environmental impact”, said Michael Effing, Vice President and General Manager Europe, Middle East and Africa.
Consequently for Region Europe, Middle East and Africa, prices for textile dyes will increase between 10 to 20% and prices for textile chemicals will increase by approximately 5%.
“We have taken great care to avoid the need for price increases. However, these factors outside our control force us to realign our prices with the current market conditions. We wish to be able to continue investing to maintain our position as a lead innovator and solution provider to the textile industry. Although we are constantly taking measures to improve our productivity, these cannot compensate for all the increased costs”, Effing added.
Huntsman has committed over US$ 210 million in the last 12 months in restructuring and investments to further improve its cost competitiveness and to further improve its current levels of service in the future. In addition, through additional investment in its on-going research and technology department, Textile Effects has strengthened its technology portfolio and platform, significantly increasing the number of exciting new products and projects within its development pipeline.
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 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 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 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 to negotiation and execution of definitive agreements among the parties 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.