Huntsman Commences Design and Feasibility Studies to Expand its US MDI Manufacturing Plant
THE WOODLANDS, Texas, Aug. 9, 2012 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it has commissioned engineering design studies to increase its global capacity for the manufacture of methylene diphenyl diisocyanate (MDI) through investment at its Geismar, Louisiana site.
Commenting on the studies, Anthony P. Hankins, President of Huntsman Polyurethanes, said: "We are studying several options for expansion of the Geismar facility to ensure we can satisfy the strong demand in residential and commercial insulation and to maintain our position as the leading MDI supplier in the Americas region. With the benefits of US shale gas, the economics of investing in our US facilities has improved significantly. The global market for MDI Urethanes is expected to continue to grow strongly well into the next decade, and the proposed investment in the United States will complement our previously announced planned expansion in China".
Huntsman Polyurethanes operates worldscale MDI facilities in Geismar, Louisiana; Caojing, Shanghai; and Rozenburg, Rotterdam.
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 2011 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 August 9, 2012