Wilmar to Build Natural Alcohol Plant on Huntsman Site in Rotterdam
THE WOODLANDS, Texas, May 9, 2011 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) and Wilmar International Limited (SGX: WIL) today announced a Memorandum of Understanding between their respective subsidiaries for Wilmar to build a state-of-the-art natural alcohol plant at Huntsman's chemical site in Rozenburg (Rotterdam, The Netherlands), and to supply natural alcohols to Huntsman. The facility is scheduled to come on stream by 2013.
The plant will be owned and operated by Wilmar, one of Asia's leading agri-commodities companies and one of the world's largest oleochemicals businesses. The project is subject to receipt of the relevant permits and regulatory approvals.
Peter Huntsman, President and CEO of Huntsman Corporation, said: "We are delighted to partner with Wilmar at our Rozenburg site, where we already host a number of other enterprises. This project will be mutually beneficial, greatly strengthening the relationship between our two companies and will enable Huntsman to further grow our green chemistry offer."
Mr. Kuok Khoon Hong, Chairman and CEO of Wilmar International Limited, said: "Huntsman Rozenburg's 85-hectare site in the Europoort area of Rotterdam is very impressive. It has excellent infrastructure and is located at the heart of the world's second largest industrial area. We look forward to being more involved in the local chemical community and strengthening our foothold in Europe, including for bio-based chemicals, with a brand new natural alcohol plant."
Wilmar International Limited, founded in 1991 as a palm oil trading company, is today amongst the largest listed companies by market capitalization on the Singapore Exchange and one of Asia's leading agribusiness groups. The Group's business activities include oil palm cultivation, oilseeds crushing, edible oils refining, sugar, specialty fats, oleochemicals and biodiesel manufacturing and grains processing. Headquartered in Singapore, Wilmar has over 300 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries to support a well established processing and merchandising business. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels. The Group is backed by a multi-national staff force of more than 88,000 people. For further information about Wilmar, please visit the company's web site at www.wilmar-international.com.
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 approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2010 revenues of over $9 billion. 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.
SOURCE Huntsman Corporation
Released May 9, 2011