THE WOODLANDS, Texas,
Feb. 5, 2015 /PRNewswire/
-- Huntsman Corporation (NYSE:HUN) today announced it will
begin construction on a 25,000-ton capacity expansion program at
its world-scale polyetheramine facility in Singapore in the first half of 2015, taking
total capacity to 50,000 tons.
Huntsman is investing $100 million
for this latest expansion at its Jurong Island facility, which will
also include backward integration to produce polyethers from
locally sourced feedstocks. This project is intended to help the
company meet growing global demand for polyetheramines and to
strengthen its leadership position in this technology.
Construction of the new facilities is expected to be completed
in the second half of 2016.
"We expect demand for our amines products to increase across all
regions over the next decade, particularly in Asia-Pacific – where volume is set to grow by
at least 10 percent per year," noted Huntsman President and CEO,
Peter R. Huntsman.
"Combined with our other existing polyetheramine manufacturing
facilities in Conroe, Texas, and
Llanelli, Wales, the expansion at
our Jurong site will help us respond more quickly to customer
demand, not only in the rapidly growing Asia market, but also around the globe,"
Stu Monteith, President of
Huntsman's Performance Products division added.
Polyetheramines are used as ingredients to improve the
properties of many products, including paint, adhesives and
composites. They can be found in everything from home decoration
products, sports equipment, cars, construction materials, washing
powders and specialty plastics.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated chemicals with 2013 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 15,000 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