Huntsman and Zavod Sintanolov Partner to Develop Russian Personal Care and Detergent Markets
Cooperation agreement will grow the two companies' surfactants businesses
THE WOODLANDS, Texas, Feb. 17 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) and Zavod Sintanolov today announced that they have signed a cooperation agreement by which both companies will share know-how, expertise and resources to develop the Russian market for surfactants.
According to the agreement, the Performance Products division of Huntsman will market and sell 50 percent of the anionic and amphoteric surfactants manufactured in Zavod Sintanolov's newly-commissioned plant in St Petersburg. Customers will include multinational detergent and personal care product manufacturers operating in the Russian Federation. The terms of the deal and plant's capacity were not disclosed.
"We are delighted to cooperate with a local manufacturer in the Russian market and this agreement is a further expansion of our Europe, Middle East and Africa (EMEA) supply-side network, which already includes six manufacturing sites and two joint ventures," said Daniele Ferrari, Vice President of Huntsman's Performance Products division in EMEA. "This agreement will also allow us to continue to support our key customers as they expand geographically," he added.
"Zavod Sintanolov is very pleased to work with Huntsman, with its industry-leading experience in surfactant technologies and markets, and we look forward to taking advantage of the many synergies between our respective operations," said Sergey Rybalchenko, Director General of Zavod Sintanolov LCC.
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 www.huntsman.com.
About Zavod Sintanolov
Zavod Sintanolov is a leading Russian producer of surfactants. Since 2003 Zavod Sintanolov dynamically develops under the trademark NORCHEM production of nonionic, amphoteric and anionic surfactants as well as polyethylene glycols. Production sites of the company are situated in the Nizhniy Novgorod and St.Petersburg areas. The products of the company serve as an important component in detergent industry, as raw material in cosmetic, textile and pharmaceutical industries as well as find application in metal working and machine building, light industry and paint materials production. The products of the company are well known in Russia, CIS-countries and Europe. More information please find at www.norchem.ru.
Forward Looking Statement:
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 17, 2009