Huntsman Names Simon Baker and Doug Kramer Presidents of New, Combined Spray Polyurethanes Foam Business
FOR IMMEDIATE RELEASE
Feb. 25, 2020
The Woodlands, TX
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today announced the appointment of two presidents to jointly lead its new, combined spray polyurethanes foam (SPF) business comprising Demilec and Icynene-Lapolla, both leading North American manufacturers and distributors of SPF insulation systems for residential and commercial applications.
The new, combined business will have one leadership team, jointly led by Simon Baker, president of Huntsman’s Demilec SPF business, and Doug Kramer, president of Icynene-Lapolla. Geographically, Baker will be responsible for Canada and development of the business in fast growing global markets; Kramer will be responsible for the United States.
Huntsman completed the acquisition of Icynene-Lapolla on February 20, 2020, having acquired Demilec in 2018. The creation of the new, combined SPF business is a demonstration of the company’s stated downstream business strategy and establishes Huntsman as the global leader in SPF.
President of Huntsman Polyurethanes Tony Hankins said: “This is an exciting time for our Polyurethanes business as we continue the transformation of our portfolio to provide more differentiated and sustainable solutions to our customers. To bring the two businesses together as one enables Huntsman to provide an unmatched offering of open- and closed-cell insulation products and accelerates the globalization of our SPF platform.”
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 under the caption "Risk Factors" 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, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman’s operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.