Huntsman and Pürsan Pigment A.S Form Strategic Alliance to Tap Growth Potential in Turkey
Singapore -- The Textile Effects division of Huntsman Corporation (NYSE:HUN) and Pürsan Pigment A.S today announced that they have entered into a joint venture agreement for the manufacture, formulation and sale of textile chemicals and dyes in Turkey.
The joint venture takes the already established long term partnership between the two companies to a next strategic level of collaboration, and will operate under the name Huntsman Pürsan Chemicals.
In welcoming the joint venture, Paul Hulme, President Textile Effects said: “Huntsman is a recognized global market leader and innovator in textile dyes and chemicals. We are impressed with Pürsan’s proven success, and are excited to partner with the team. The strategic alliance between our two companies will strengthen our position in the industry and enable us to enhance our service offerings and solutions to our customers.”
“This joint venture is exciting as it offers increased speed and flexibility to our customers with expanded local manufacturing capabilities and facilities. It represents both our organizations’ strong commitment to provide customers with a single source for the best in textile dyes and chemicals sales and service,” commented Ajay Kanwar, Commercial Director - South Asia, Middle East, Turkey and Africa.
Mr. Hakki Kağan Biter, President, Pürsan Pigment A.Ş commented: “We are extremely happy and proud to be associated with this partnership and with an established international brand like Huntsman. Together we will strengthen the competitive position of the Turkish textile sector which is contributing one of the highest export and employment in Turkey.” “The joint venture will bring together a powerful combination of proven innovation from Huntsman and a heritage of strong customer focus and trust built through
the years from Pürsan,” continued Mr. Biter.
The joint venture is expected to come into effect in June 2015, subject to regulatory approvals and customary closing conditions.
Christina Koh +65 6390 6482 email@example.com
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Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood’s performance additives and TiO2 businesses. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
About Huntsman Textile Effects
Huntsman Textile Effects is the leading global provider of high quality dyes and chemicals to the textile and related industries. With operations in more than 90 countries and seven primary manufacturing facilities in six countries (China, Germany, India, Indonesia, Mexico and Thailand), Huntsman Textile Effects is uniquely positioned to provide prompt and expert technical service wherever our customers are based. Sustainability, innovation and collaboration are at the heart of what we do. We use cutting edge technology to develop solutions and create innovative products with intelligent effects such as built-in freshness, sun
protection or state-of-the-art dyes which reduce water and energy consumption. All these go towards meeting the needs of our customers in supporting a more sustainable environment.
About Pursan Pigment A.Ş
With technical service and logistic facilities extending all over Turkey, Pürsan Pigment A.Ş. is a leading raw material supplier for the Turkish industry sector with more than USD$190 million turnover in 2014. It has been providing customers with uninterrupted products and service for the last 35 years, ranging from fiber to elastin, to textile dyes, chemicals and finishing.
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.