Huntsman Responds To Inquiries Regarding Business Impact Of Lower Priced Oil
THE WOODLANDS, Texas, Jan. 6, 2015 /PRNewswire/ -- Huntsman Corporation's (NYSE: HUN) President and Chief Executive Officer, Peter R. Huntsman issued a statement today in response to inquiries regarding the business impact of lower priced oil.
"In an environment where oil prices are sustainably low, Huntsman Corporation will emphatically be a beneficiary over the long term. Many of our raw materials are derived from the oil refining process.
"We expect our margins to improve as the cost of our raw materials decrease. We also expect a meaningful working capital release which will help strengthen our balance sheet. Lower priced oil should provide more discretionary spending for consumers; approximately one third of our business is consumer oriented.
"We have a number of growth projects underway; I expect our business to improve throughout 2015."
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of approximately $13 billion including the acquisition of Rockwood's performance additives and TiO2 businesses. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 15,000 associates within our 5 distinct business divisions. 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.
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SOURCE Huntsman Corporation
Released January 6, 2015