Huntsman Acquires Stake in Japanese Spray Polyurethane Foam Insulation Company
THE WOODLANDS, Texas, March 14, 2013 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it has acquired a 20% stake in Nippon Aqua Co. Ltd. (Nippon Aqua), a spray polyurethane foam (SPF) insulation company based in Yokohama, Japan, and that it has entered into a 10 year supply agreement with the company. The financial terms of the deal were not disclosed.
Nippon Aqua is the SPF market leader in Japan, with business operations in over 30 locations across the country, and is a subsidiary of leading residential home builder Hinokiya Holdings Co. Ltd. Huntsman supplies various advanced MDI-based polyurethanes systems to Nippon Aqua.
Commenting on the deal, Anthony P. Hankins, President of the Polyurethanes division, said: "We are delighted to have the opportunity to invest in Nippon Aqua, who are a pioneer in the Japanese spray polyurethane foam market. Following the regrettable accident at the Fukushima Daiichi nuclear plant in 2011, there's a great focus on how the country will source its energy needs and a growing demand amongst consumers for more effective insulation. Nippon Aqua is well-positioned to satisfy this demand and we look forward to strengthening our relationship with them to address these important needs."
Huntsman is a global manufacturer and marketer of differentiated chemicals. Our 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 has approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2012 revenues of over $11 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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.
SOURCE Huntsman Corporation
Released March 14, 2013