Huntsman Joins Coalition to Grow American Manufacturing and Jobs
THE WOODLANDS, Texas, Jan. 22, 2013 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it has joined a coalition of U.S. manufacturers and others opposed to proposals from LNG exporters to permit the unlimited export of American natural gas. The coalition, America's Energy Advantage, seeks to promote rational energy policies designed to use America's newly developed shale-based low cost natural gas to provide the economic basis to spur significant new investment in American manufacturing and its related industries and services.
Since 2000, American manufacturers, farmers and consumers have been hit with four massive price shocks in the cost of natural gas, each resulting in an economic impact contributing to the loss of countless American jobs. With the advent of America's development of shale-based natural gas, this volatility has tempered dramatically, and the U.S. now enjoys a domestic natural gas market that exhibits the availability and stability that make investment in new manufacturing possible, leading to the creation ─ rather than loss ─ of skilled, well paid jobs. Huntsman is among those many companies planning to now expand its operations in the U.S. in light of its stable, lower cost natural gas market, having recently committed over $150 million in capital to new projects here and evaluating additional projects in the U.S. worth approximately $250 million more.
Peter Huntsman, President and CEO of Huntsman, stated, "We think it very short-sighted and bad public policy to allow our nation's natural gas advantage to be stripped and sent overseas to build a new manufacturing base that would otherwise be built here in the U.S."
He continued, "Completely unfettered U.S. exports may enrich a few LNG exporters in the short term, but real, sustained and broad-based growth in the U.S. economy will come from a balanced approach that considers the needs of American manufacturers and consumers, and ensures that natural gas can be exported without undermining this emerging sunrise for American manufacturing and all the supporting industries and services. Our nation must not squander this opportunity."
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 12,000 employees and operates from multiple locations worldwide. The Company had 2011 revenues of over $11 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 January 22, 2013