Huntsman Acquires Remaining Ownership of Russian Polyurethanes Company
THE WOODLANDS, Texas, July 3, 2012 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it has acquired the remaining ownership of Russian joint venture Huntsman NMG (HNMG), giving it full ownership of the company. The financial terms of the deal were not disclosed.
HNMG is a leading supplier of polyurethane systems to the adhesives, coatings and footwear markets in Russia, Ukraine and Belarus.
Commenting on the deal, Anthony P. Hankins, President of the Polyurethanes division said "The Russian Federation is recognized as an important and fast growing economy, with double digit growth rates predicted for polyurethane products. This investment will give us greater access to the high value coatings, adhesives and elastomers markets through an established, state-of-the-art operations platform that will enhance our ability to provide differentiated solutions for our customers."
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. 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 July 3, 2012