The Woodlands, Texas – Huntsman Corporation (NYSE: HUN) today announced that its indirect foreign subsidiaries that have been selling products to third parties located in Iran will discontinue doing so and will exit any contractual arrangements there as expeditiously as legally possible. While such sales have been done in full compliance with U.S. law, it was determined that the small amount of business done there does not justify the reputational risk currently associated with doing business with entities located in Iran, due to the growing international concern over the policies of the current regime there.
Total sales by Huntsman’s foreign subsidiaries to entities located in Iran have historically represented only a minor fraction of one percent of Huntsman’s global sales.
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 more than 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues in excess of $10 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 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.
Gary Chapman, tel: +1 281 719 4324
Kurt Ogden, tel: +1 801 584 5959