Huntsman Poised to Open New Polyetheramines Plant in Third Quarter
New Plant to Meet Growing Demand for JEFFAMINE(R) Product Line
THE WOODLANDS, Texas, May 31 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced mechanical completion of its first Asia Pacific polyetheramines plant. With this announcement, Huntsman expects to introduce feedstock to the plant in mid-June and be in commercial operation by the third quarter.
Huntsman and its engineering contractor, Jacobs Engineering, achieved mechanical completion of the 15,000 tonnes per annum JEFFAMINE(R) polyetheramines plant, after an 800,000 man-hour construction process, without a single lost time incident. Huntsman's total investment in the project, located at Jurong Island, Singapore, is approximately US$40 million.
"This is a major achievement in our effort to meet the growing global demand for JEFFAMINE(R) polyetheramines," said Don Stanutz, President of Huntsman's Performance Products division. "The Singapore plant, which will complement Huntsman's polyetheramines facilities in Conroe, Texas, and Llanelli, Wales, will serve as a key platform as we continue supporting our customers' global growth, particularly in the rapidly growing Asia Pacific region," said Stanutz.
The new plant will utilize Huntsman's latest proprietary amine technology, to ensure safety and environmental performance in line with Huntsman's global commitment to excellence in environmental, health and safety, as well as compliance with local policies and procedures.
"Already the leading polyetheramines producer in the world, completion of the Singapore plant will further increase Huntsman's capacity and give us a more global and flexible asset base for the manufacture and marketing of these sought after specialty products," continued Stanutz. "With its world class infrastructure, highly skilled workforce, strong intellectual property protection and excellent connectivity, Singapore was an excellent choice for this latest addition to Huntsman's substantial manufacturing presence in the Asia Pacific region."
Key JEFFAMINE(R) polyetheramine applications include epoxy composites for use in wind blades and other applications, epoxy coatings, concrete additives, organic pigments, fuel and lubricant additives, herbicides and pesticides. The wide range of molecular weights, amine functionality, and oxide type and distribution provide flexibility in synthetic design of compounds made from JEFFAMINE(R) products. For the most part, JEFFAMINE(R) products undergo typical amine reactions and are low viscosity, low in color and exhibit low vapor pressure.
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
14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
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 to negotiation and execution of definitive agreements among the parties 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 31, 2007