THE WOODLANDS, Texas,
Sept. 29, 2014 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) today announced that it has
commenced preliminary engineering to expand production of methylene
diphenyl diisocyanate (MDI) by investment in a new, world scale MDI
plant at its Geismar, Louisiana
site.
The 400,000 metric ton expansion will leverage the significant
advantages of the Geismar site,
with its access to US shale gas, strong logistics base and
excellent integration. The new capacity is expected to come
on-stream in 2018 and will enable Huntsman to further support the
growth of its customers worldwide.
MDI capacity at the site is currently undergoing an expansion to
500ktes, which is due to come on-stream next year. Huntsman's 760
acre Geismar site is the largest
integrated MDI production facility in the Americas region.
MDI based polyurethanes are used in an extensive range of
applications and markets - including construction, automotive,
coatings and footwear - and provide key benefits of energy
efficient insulation, comfort and well-being.
Anthony P. Hankins, President of
Huntsman Polyurethanes, said: "Shale gas has significantly improved
the economics of investing in US facilities and has helped our
Geismar facility to establish a
strong cost leadership position. The planned additional capacity
will reinforce this position and establish the plant as a truly
global supplier."
"Demand for MDI-based polyurethanes continues to grow at around
8% annually. In order to satisfy this demand, Huntsman
Polyurethanes has a sustained global program of both upstream and
downstream investment to support our customers' growth
ambitions."
In addition to its Geismar
facility, Huntsman Polyurethanes operates world scale MDI
facilities at its sites in Rotterdam,
Netherlands and Shanghai,
China.
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.
SOURCE Huntsman Corporation