Huntsman Announces Successful Turnaround and Inspection of Its Port Neches, TX Facility
THE WOODLANDS, Texas, March 17 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced the successful completion of the turnaround and inspection of its PO/MTBE facility in Port Neches, TX. This scheduled maintenance started in January 2010 and lasted approximately two months. The financial impact on the first quarter was in line with previous guidance of $30 - $35 million including unabsorbed fixed costs.
On March 15, 2010 a separate unit in Port Neches, TX which provides raw materials for its Performance Products division suffered a mechanical shut down expected to last approximately two weeks. The financial impact is expected to be approximately $6 - $8 million as a result of increased raw material costs; however, Huntsman expects no disruption in its ability to provide downstream products to its customers.
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 has approximately 11,000 employees and operates from multiple locations worldwide. The Company had 2009 revenues of approximately $8 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 March 17, 2010