Huntsman Preparations Prevent Significant Damage to Texas Gulf Coast Plants
THE WOODLANDS, Texas, Sept. 15 /PRNewswire-FirstCall/ -- Peter R. Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN) announced today that initial assessments indicate that its facilities in the Texas Gulf Coast region suffered no significant damage as a result of Hurricane Ike.
"I'm pleased to say that damage to our plants appears to have been less than we might have expected given the storm's severity, which is in no small part due to the thorough preparation and orderly shutdown of the plants undertaken by Huntsman associates in advance of Ike reaching land. However, none of the plants are operational at the moment, as we are constrained by the availability of power and in some cases we anticipate raw material and transportation restrictions", he said. "We will be working together with our partners to get all of our plants back up and running, in a safe and efficient manner and will communicate directly with our customers with regard to product availability," he added.
Huntsman plants affected by Hurricane Ike are: -- Chocolate Bayou, which produces Alkylates (LAB and related products); -- Port Neches: Ethylene, EO, EG, PO, PG, MTBE, Ethanolamines, Morpholine/DGA and Surfactants, PEGs; -- Freeport: Ethyleneamines; -- Dayton: Surfactants, PEGs and Blends; -- Conroe: Specialty Amines, Carbonates, Urethane Catalysts, and Surfactants.
Huntsman's MDI plant in Geismar, Louisiana was not affected by Hurricane Ike and has recently resumed production after losing power as a result of Hurricane Gustav.
About Huntsman Corporation:
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 13,000 employees and operates from multiple locations worldwide. The company had 2007 revenues of approximately US$10 billion.
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 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 US 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 September 15, 2008