SHANGHAI, July 2, 2014 /PRNewswire/ -- Huntsman (NYSE:
HUN) and Shanghai Chlor-Alkali Chemical Co. Ltd. (SCAC) today
announced plans to double the MDI (diphenylmethane diisocyanate)
splitting capacity of their joint venture company, Huntsman
Polyurethanes Shanghai Ltd. Co. (HPS), at the Shanghai Chemical
Industrial Park (SCIP) in Caojing. With the new plant, MDI
splitting capacity at the site will increase from 240,000 to
480,000 metric tons per year. Commercial operation is planned to
start in 2017.
The facility will take MDI precursors and split them to create
more differentiated, custom made products for downstream
markets.
The announcement follows confirmation that Shanghai Lianheng
Isocyanate Co. Ltd, (SLIC) - in which Huntsman and SCAC are
shareholders - will build a new plant to produce 240,000 metric
tons of crude MDI at SCIP, adjacent to its existing 240,000 metric
tons plant. The crude MDI plant and MDI splitter are part of an
integrated isocyanates complex that includes manufacturing
facilities for the precursors aniline and nitrobenzene.
MDI-based polyurethanes are used in an extensive range of
applications and market sectors – including construction,
automotive, footwear and appliances – and provide key benefits of
energy efficiency, comfort and well-being.
"We've seen an upsurge in demand from Asian customers for higher
quality, differentiated products and the new splitter will help us
to meet these needs – providing our customers with a full range of
next generation solutions for the insulation, automotive, bedding,
furniture, adhesives, coatings, elastomers and footwear markets,"
said Tony Hankins, President of
Huntsman's Polyurethanes division.
"Huntsman was the first MDI manufacturer to establish business
in China in 1992. The planned
doubling of the upstream and downstream capabilities of SLIC and
HPS respectively demonstrates our long-term vision and commitment
to support the success of our customers in the region."
Huntsman owns 70% of HPSs' shares; SCAC owns 30%.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated chemicals with 2013 revenues of over
$11 billion. 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 80 manufacturing and R&D
facilities in 30 countries and employ approximately 12,000
associates within our 5 distinct business divisions. 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.
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SOURCE Huntsman Corporation