Huntsman to Build New Asia Pacific Technology Center in Shanghai
THE WOODLANDS, Texas, Sept. 26, 2011 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it will invest approximately $40 million to build a new Asia Pacific Regional Technology Center (ATC) in Shanghai's Minhang Economic & Technological Development Zone, to support the rapidly growing demand for world-class technology and innovation from customers across the Asia Pacific region.
The state-of-the-art facility will comprise machine halls, laboratories and offices, accommodating up to 400 technical experts, and will replace the existing Technology Center, located nearby, which was first opened in September 2008. This facility will complement existing Technology Centers in The Woodlands, Texas and Brussels, Belgium as well as smaller regional centers.
Construction for the new ATC is expected to commence in January 2012, with completion planned for mid-2013. In parallel, part of the existing Technology Center will be converted into an auditorium and display area, which together with the new facility will form an integrated technology and innovation campus.
Anthony P Hankins, Huntsman's CEO Asia Pacific commented: "The expansion of our research and technology capability in this key region reflects Huntsman's desire and commitment to grow in partnership with our customers by delivering innovative solutions more effectively and efficiently. The Huntsman technology center will be completely aligned to support Asia's fast-growing industries, including developing new energy-saving material solutions for the strategic industries as outlined in China's 12th Five-Year Plan."
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 approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2010 revenues of over $9 billion. For more information about Huntsman, please visit the Company's website at www.huntsman.com.
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 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 September 26, 2011