Huntsman Completes Pre-Registration of Nearly 2,000 Substances for REACH
January 16 2009 - 8:46AM
PR Newswire (US)
THE WOODLANDS, Texas, Jan. 16 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) today announced its successful
pre-registration with the European Chemicals Agency ("ECHA") of the
1,937 chemical substances that Huntsman manufactures or imports
into the European Economic Area, as required by the European
Community REACH legislation (Registration, Evaluation,
Authorization and Restriction of Chemicals). The new law, which
came into effect on 1 June 2007, aims to streamline and improve the
former legislative framework for chemicals in the European Union
and places greater responsibility on industry to manage the risks
that chemicals may pose to human health and the environment. The
initial phase of this legislation called for pre-registration of
substances on or before December 1, 2008, which Huntsman achieved
for nearly 2,000 chemical substances. Peter R. Huntsman, President
and CEO of Huntsman Corporation, stated, "Our company promptly
recognized the magnitude and importance of the REACH requirements
and reacted swiftly, assembling teams of dedicated professionals to
oversee compliance and implementation, as well as to advise our
customers and suppliers. Huntsman is well prepared for REACH and
welcomes its objectives of ensuring adequate protection of human
health and the environment, which are consistent with our own
corporate philosophy." He added, "We believe our long standing
commitment to safety and the environment and the confidence of our
customers in Huntsman's ability to supply products in full
compliance with REACH will provide a significant advantage for us
in the marketplace among customers increasingly sensitive to
sustainability." The Huntsman teams are now focusing on the next
phase of REACH, which requires full registration of the highest
volume and highest risk substances. During this stage, Huntsman
will join with other companies who manufacture or import the same
or similar substances to participate in various Substance
Information Exchange Forums, to share data and agree on any
additional work required prior to submittal to ECHA for final
registration. In 2008, Huntsman committed approximately euro
400,000 to the REACH effort and is forecasting significantly
greater expenditures for 2009 and 2010. In a separate development,
the company received $1 billion in payments during December from
affiliates of Apollo Management, L.P. pursuant to a settlement
agreement with Huntsman. Net proceeds from the $1 billion in
payments (excluding fees and expenses) will be used to reduce the
company's indebtedness and to increase liquidity. The company
expects the cash tax impact to be minimal. 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 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. DATASOURCE: Huntsman Corporation CONTACT: Media, Gary
Chapman, +1-281-719-4324, or Investor Relations, Kurt Ogden,
+1-801-584-5959, both of Huntsman Web Site:
http://www.huntsman.com/
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