Huntsman to Present at Citi Basic Materials Conference on December 3rd; Update on Disruption at Port Neches Facility
THE WOODLANDS, Texas, Dec. 2, 2019 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that Peter Huntsman, Chairman, President and CEO, will address investors at the Citi 2019 Basic Materials Conference in New York City on Tuesday, December 3, 2019 at 9:30 a.m. ET. A live webcast, as well as the presentation slides, can be accessed at the time of the presentation via the webcast link at Huntsman's investor relations website, ir.huntsman.com. Upon conclusion of the live webcast, the webcast replay will be accessible via Huntsman's website.
Regarding its discontinued operations, on early Wednesday morning, November 27th, there was an explosion and fire at a neighboring site to Huntsman's Port Neches, Texas facility. There were no serious injuries sustained by Huntsman associates and there was no damage to the Huntsman site. Except for the PO/MTBE unit, all other site operations have now resumed to pre-incident levels. Although the PO/MTBE unit was not damaged, it remains idled for the time being because of certain dependencies with the adjacent site that was damaged by the fire. While we await access to the adjacent site and further evaluate alternatives to safely bring this unit fully back on line, the expected duration of downtime and economic impact is unknown. The outage is expected to have a minor negative knock-on impact of a few million dollars to fourth quarter adjusted EBITDA for continuing operations, largely relating to the sourcing of PO.
The closing of the sale of Huntsman's Intermediates Chemicals, Integrated Oxides and Surfactants Business to Indorama Ventures remains on target for early 2020. Most recently, CFIUS approval was received, thereby clearing another condition precedent to the closing of this sale.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2018 revenues more than $9 billion. 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 75 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 10,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 under the caption "Risk Factors" 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, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other 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 December 2, 2019