Huntsman Approves Investment for New Fertilizer Plant at Its Calais, France Site
CALAIS, France, Jan. 28, 2011 /PRNewswire/ -- The Pigments division of Huntsman Corporation (NYSE: HUN) today announced that it has agreed in principle to an investment of circa EUR 30 million to build a new magnesium sulfate fertilizer manufacturing operation at the division's titanium dioxide (TiO2) pigments manufacturing plant in Calais, France. The investment is approved in principle and is subject to the finalization of a number of elements including the granting of permits and securing additional finance, which are all on track.
The new fertilizer plant will use spent acid from pigment manufacturing operations at Calais and will enable the closure of half the Calais Effluent Treatment Plant (ETP). The operation of the fertilizer plant will deliver major environmental benefits in the form of lower energy consumption and it will also reduce the carbon dioxide emissions at the site. These environmental benefits are coupled with cost reductions that add to the transformation in the efficiency, sustainability and cost effectiveness of the entire Calais site.
President of Huntsman Pigments, Simon Turner said, "We have approved this investment in principle as we can clearly see the significant benefits it will bring. It makes sense from an efficiency and cost point of view and there is also a very compelling sustainability case as this project will reduce site energy consumption and carbon dioxide emissions. Further, it will significantly strengthen the business and make Calais more competitive in European and global markets. The approval of this project is very positive for the site, for the Calais region, and for the nation. We look forward to the safe construction, start-up, and operation of this new facility within the next few years."
Scott Anderson, Huntsman Pigments' vice president for manufacturing and technology, said, "The agreement in principle of the investment from Huntsman and the strong support we have received from all authorities and the government, clearly demonstrates our joint commitment to our site at Calais and the Calais region. This is a great step forward. It is important that we recognize the role of our associates, whose joint efforts deliver success for the site. Their support has been, and continues to be, a key factor in ensuring a positive outcome for this project. I thank everyone working on this project, internally and externally, and look to the entire team for their continued effort and assistance, which to date has been exemplary."
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 more than 11,000 employees and operates from multiple locations worldwide. The Company had 2009 revenues of approximately $8 billion. For more information about Huntsman, please visit the Company's website at www.huntsman.com.
Huntsman Pigments division specializes in the manufacture and marketing of titanium dioxide (TiO2) pigments that add brightness, whiteness and opacity to thousands of consumer products; from household decorative paints and industrial coatings on ocean liners, cars and steel-framed buildings, to computer housing, printing inks and sporting equipment. Huntsman's Pigments business has been making TiO2 pigments for 75 years. Huntsman Pigments division is an international business employing around 2,000 people in facilities in seven countries with a combined total manufacturing capacity of approximately 600,000 tonnes of TiO2 pigment a year.
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 January 28, 2011