Huntsman to Begin Capacity Expansion at Singapore Polyetheramines Plant
THE WOODLANDS, Texas, Feb. 5, 2015 /PRNewswire/ -- Huntsman Corporation (NYSE:HUN) today announced it will begin construction on a 25,000-ton capacity expansion program at its world-scale polyetheramine facility in Singapore in the first half of 2015, taking total capacity to 50,000 tons.
Huntsman is investing $100 million for this latest expansion at its Jurong Island facility, which will also include backward integration to produce polyethers from locally sourced feedstocks. This project is intended to help the company meet growing global demand for polyetheramines and to strengthen its leadership position in this technology.
Construction of the new facilities is expected to be completed in the second half of 2016.
"We expect demand for our amines products to increase across all regions over the next decade, particularly in Asia-Pacific – where volume is set to grow by at least 10 percent per year," noted Huntsman President and CEO, Peter R. Huntsman.
"Combined with our other existing polyetheramine manufacturing facilities in Conroe, Texas, and Llanelli, Wales, the expansion at our Jurong site will help us respond more quickly to customer demand, not only in the rapidly growing Asia market, but also around the globe," Stu Monteith, President of Huntsman's Performance Products division added.
Polyetheramines are used as ingredients to improve the properties of many products, including paint, adhesives and composites. They can be found in everything from home decoration products, sports equipment, cars, construction materials, washing powders and specialty plastics.
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.
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.
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SOURCE Huntsman Corporation
Released February 5, 2015