Huntsman Grants Sole License For Its Patented Reactive Super Black Dyes To Jihua Group In China
Singapore, 4 August 2016 - The Textile Effects division of Huntsman Corporation (NYSE: HUN) today announced that it has entered into an agreement with Jihua Group under which Huntsman Textile Effects will grant a sole license to Jihua Group to manufacture, sell and market Huntsman’s patented reactive Super Black dyes in China. Huntsman and Jihua will be selling the Super Black products under their respective tradenames.
As part of the agreement, Huntsman has also awarded Jihua Group the right to sub-license its patented Super Black dyes in China. The agreement, including the right to sub-license, takes effect immediately.
Commenting on the agreement, Rohit Aggarwal, President of Huntsman Textile Effects said, “We are very pleased to be partnering with Jihua Group on an exclusive basis in China for our patented reactive Super Black dyes. The partnership with Jihua Group will significantly enhance our competitiveness in China which is a very important market for Huntsman. Jihua Group is a market leader in China for the manufacture of dyes and intermediates with state-of-the-art facilities. With the increasing regulatory focus on environmental compliance, Jihua Group is a trusted partner who share our belief in sound environmental and ethical practices.”
Mr. Shao Bojin, Chairman of Jihua Group said, “Huntsman is an industry leader known for true innovation. We are therefore extremely honored to enter into this strategic agreement with such a global leader. This partnership will allow Jihua to complement our strengths in manufacturing and backward integration with Huntsman’s extensive global reach and technological innovation.”
The agreement announced today will set the foundation for the two parties to enter into further talks for a more extensive and broader strategic cooperation.
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Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of more than $10 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 100 manufacturing and R&D facilities in approximately 30 countries and employ approximately 15,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
About Huntsman Textile Effects:
Huntsman Textile Effects is the leading global provider of high quality dyes and chemicals to the textile and related industries. With operations in more than 90 countries and six primary manufacturing facilities in six countries (China, Germany, India, Indonesia, Mexico and Thailand), Huntsman Textile Effects is uniquely positioned to provide prompt and expert technical service wherever our customers are based. Sustainability, innovation and collaboration are at the heart of what we do. We use cutting edge technology to develop solutions and create innovative products with intelligent effects such as built-in freshness, sun protection or state-of-the-art dyes which reduce water and energy consumption. All these go towards meeting the needs of our customers in supporting a more sustainable environment. For more information about Huntsman Textile Effects, please visit www.huntsman.com/textile _effects.
Forward Looking Statements:
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 ar e 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.