Huntsman to Increase MDI and Polyurethane Systems Prices Globally
February 29 2008 - 8:00AM
PR Newswire (US)
THE WOODLANDS, Tex., Feb. 29 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) announced today that it will increase prices
globally for its MDI and polyurethanes systems products, in the
face of rapidly escalating raw material feedstock costs, and the
need to achieve re-investment economics against a background of
accelerating global demand for MDI. Tony Hankins, President of
Huntsman's Polyurethanes division said, "Price increases were
implemented in the Americas, Asia and Europe during 2007, as raw
material costs rose to record highs. However, since the start of
this year we have seen raw material costs continue to escalate to
new record levels. As a result, we must immediately implement
further price increases, on a global basis, to ensure margins that
will underpin our future investments that are required to support
customers' growth." Specifics of the regional and products price
increases will be announced shortly. About Huntsman: Huntsman is a
global manufacturer and marketer of differentiated chemicals. Its
operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture,
appliances and packaging. Originally known for pioneering
innovations in packaging and, later, for rapid and integrated
growth in petrochemicals, Huntsman today has 13,000 employees and
operates from multiple locations worldwide. The Company had 2007
revenues of approximately $10 billion. For more information about
Huntsman, please visit the company's website at
http://www.huntsman.com/. Forward Looking Statement: 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. DATASOURCE: Huntsman Corporation CONTACT: Gary Chapman of
Huntsman Corporation, +1-832-474-4128 Web site:
http://www.huntsman.com/
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