Huntsman to Increase Prices and Impose Energy Surcharge
May 29 2008 - 2:17PM
PR Newswire (US)
Actions Required to Address Unprecedented Surge in Energy and
Commodity Costs THE WOODLANDS, Texas, May 29 /PRNewswire-FirstCall/
-- Huntsman Corporation (NYSE:HUN) today announced that, in
response to sharp and sustained increases in its costs for energy,
commodity and intermediate feedstocks, and transportation, it will
raise prices for all products, some by as much as 25%, and also
impose an energy surcharge across a wide range of products. The
amount of each price increase and energy surcharge will vary by
product, in accordance with costs attributed to each product. Peter
Huntsman, President and CEO, stated, "We hope we have seen the
worst of the energy and commodity price increases, but the impact
of large scale speculation by traders on the price of energy, in
addition to the increased costs we are absorbing from our raw
material suppliers and service providers, cannot be underestimated.
Having implemented aggressive internal steps to manage these costs,
we are now reviewing all Huntsman products and are announcing
specific price increases, as well as an energy surcharge to be
applied to each product where warranted." Each price increase and
any necessary surcharge will be effective immediately or as soon as
applicable contracts allow. 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, please
visit the company's website at http://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 transaction 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: media, Russ Stolle, +1-281-719-6624, or
investor relations, John Heskett, +1-801-584-5768, both of Huntsman
Corporation Web site: http://www.huntsman.com/
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