Huntsman Polyurethanes is to increase the price of all thermoplastic polyurethanes (TPU) grades by €200 / tonne in Europe, Africa & Middle East effective 1 July 2006 or as early as contracts allow. The rise affects all TPU grades in the Huntsman product range.
"This price increase reflects the relentless increases of raw material and feedstock costs, mainly originating from record-high crude oil and natural gas, which continue to impact the cost of raw materials such as benzene, adipic acid, intermediate polyesters and consequently TPU products," says Nick Webster, Vice President, Europe, Africa & Middle East.
"Furthermore, several raw material suppliers – particular in the area of adipic acid, a key raw material in the manufacturing of TPUs – have recently had plant outages and production problems, forcing some to declare force majeure on raw material supplies. As a consequence, market prices of these critical raw materials have increased further, while stocks have declined."
Webster added that the move would help ensure Huntsman Polyurethanes continued to provide its customers with a continuous supply of quality TPU products in a competitive and strongly growing environment across Europe, Africa & Middle East.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has 11,300 employees, 57 operations in 22 countries and had 2005 revenues of $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 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. Accordingly, there can be no assurance 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 securities and other applicable laws.