Huntsman Appoints President for Advanced Materials Division
THE WOODLANDS, Texas, Feb. 12 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced the appointment of Andre Genton as President of its Advanced Materials Division. Mr. Genton most recently served as Vice President and Global Operating Officer of Advanced Materials. He has 25 years of experience and has held a variety of positions in the business, including Vice President of Design and Composites Engineering, Vice President of Global Structural Composites, Head of Sales and Technical Service for Europe, and other roles.
Huntsman's Advanced Materials business had been combined with Huntsman's Textile Effects business in one division, Materials & Effects, with Paul Hulme serving as President. The two businesses will now be recognized as separate divisions. Mr. Hulme will continue to serve as President of the Textile Effects division.
Huntsman's President and CEO Peter R. Huntsman stated: "Under Paul Hulme's leadership, these divisions have grown to become market leaders in their respective industries. As we anticipated, these divisions are now of the size and scope where they each need the full time attention of a division president to continue expanding and creating value. Huntsman is currently investing significant resources to complete the transformation of our Textile Effects division, and Paul's ability and strengths will assure success as we build a global leader in textile chemicals and dyes."
Mr. Huntsman continued: "Andre has a strong relationship with Advanced Materials and its markets and customers. I have great confidence in him to lead this division to the next level."
Huntsman acquired the Advanced Materials business from Vantico (formerly a part of Ciba) in 2003. Since that time, its sales have grown from approximately $1.1 billion in 2003 to more than $1.6 billion on an LTM basis as of the third quarter of 2008, and its Adjusted EBITDA has more than doubled over that same period. Advanced Materials currently operates 13 manufacturing locations across the globe, employs 2,300 people, and serves about 4,500 customers with its 9,000 different products.
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 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. For more information about Huntsman, please visit the company's website at http://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. 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.
SOURCE Huntsman Corporation
Released February 12, 2009