Huntsman to Raise Prices for Its Textile Effects Products
BASEL, Switzerland, July 11 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that in response to continued increases in the cost of labour, raw materials, utilities and transportation, its Textile Effects business will increase prices across a range of products. The price increases are effective immediately, or as applicable contracts allow.
Paul Hulme, President of Huntsman's Materials & Effects division commented, "As with any successful partnership between supplier and customer, there needs to be a win-win proposition that allows our customers to be successful in their chosen markets and for ourselves to be successful by returning operating margins that justify on-going re-investment and the cost of capital."
Since acquiring the Textile Effects business from Ciba Specialties in June 2006, Huntsman has committed over $210 million in restructuring costs and investments to achieve improvements to cost competitiveness and service to its customers. In addition, through on-going investment in research and technology, Huntsman has strengthened its Textile Effects technology portfolio and platform, significantly increasing the number of exciting new products and projects within its development pipeline. Huntsman also is investing in capacity expansion to relieve the lead time on product lines that have proven extremely successful since launch.
"I believe that with this level of on-going investment and commitment to innovation, we will continue to maintain our position as a leading innovator and solution provider in the textile dye and chemical industry and fulfil our continued desire to be our customers' number one partner of choice", Hulme added.
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 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
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 to negotiation and execution of definitive agreements among the parties 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 July 11, 2007