Huntsman Achieves Company Record for Low Injury Rate
THE WOODLANDS, Texas, Jan. 14 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that its OSHA recordable rate of occupational injuries for the year ending December 31, 2008, marked the lowest in the company's history.
Building on the company's 2002 commitment to develop uniform Environmental, Health & Safety ("EHS") standards for the company's global manufacturing platform, the company fulfilled its 2006 commitment to invest in a behavioral safety program in all regions of the world in which it operates. The value of the company's ongoing investment in safety was most recently demonstrated by this year's record low OSHA recordable rate of occupational injuries.
Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "I am very pleased with the culture of continuous improvement at Huntsman, especially as it relates to the safety of the associates and contractors at each of our sites. These investments in safety are among the most important we can make."
During the year ending December 31, 2008, Huntsman Corporation expensed nearly $83 million on its EHS programs, and invested an additional $57 million on capital improvements related to EHS. The company also received $1 billion in payments during December from affiliates of Apollo Management, L.P. pursuant to a settlement agreement with Huntsman. Net proceeds from the $1 billion in payments (excluding fees and expenses) will be used to reduce the company's indebtedness and to increase liquidity. The company expects the cash tax impact to be minimal.
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 $10 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 January 14, 2009