Huntsman Acquires Baroda Division of Metrochem Industries
June 22 2009 - 8:11PM
PR Newswire (US)
BASEL, Switzerland and BARODA, India, June 22
/PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE:HUN) today
announced the acquisition of the Baroda Division of Metrochem
Industries, a manufacturing facility for the production of
intermediates and specialty products for textiles, located in
Baroda, India. The Baroda Division today has more than 700
employees and contractors, and current annual sales of
approximately 2.4 billion rupees. "This acquisition is a major
milestone in our strategy. With this move we are realigning our
manufacturing footprint towards Asia, the region that will fuel our
growth in the years to come," said Paul Hulme, President of
Huntsman's Textile Effects division (TE). "This vertical backward
integration will significantly strengthen our competitiveness and
support our development in Asia, and most notably in India, one of
our largest markets. The world of specialty textiles has been
changing at a rapid pace, with new materials, technologies and
innovations in production around the world. Supporting the growth
of the Indian textile industry means exploring opportunities beyond
the conventional textile chain of fiber to fashion - penetrating
the nonwoven and technical segments of the textiles industry as
well," he added. The site in Baroda is the second largest (after
Basel, Switzerland) within the Huntsman Textile Effects division
and has potential for further expansion, especially in the fields
of specialty dyes and key intermediates needed for the production
of dyes in India and other TE plants. The integration of the Baroda
site with Huntsman's existing manufacturing sites in Qingdao and
Panyu (China), as well as Mahachai (Thailand), will mark a decisive
step in making Asia the principal hub of Huntsman's Textile Effects
division and the main manufacturing platform to support the future
of the technical textiles industry in the region and ensure our
long term global competitiveness. As part the division's
far-reaching strategic transformation, which has achieved
significant success to date, Huntsman's Textile Effects division
also recently unveiled its new business structure, designed to
focus clearly on selected market segments and shifting its center
of business to Asia. An important component of the new structure is
the recently announced move of the division's global headquarters
from Basel to Singapore. Financial details of the transaction were
not disclosed. About Textile Effects Huntsman Textile Effects is
the leading global provider of high-quality dyes and chemicals to
the textile and related industries, manufacturing a broad range of
dye and chemical products that enhance the color of finished
textiles and improve performance characteristics, such as wrinkle
resistance, lasting freshness and the ability to repel water and
stains. The business currently serves over 4500 customers located
in 80 countries. 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 more than 12,000 employees and operates from
multiple locations worldwide. The Company had 2008 revenues in
excess of $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, Guy Wolff, +41 61 299 2394, or Wai Lin
Tan, +6 012 200 9649, or Investors, Kurt Ogden, +1-801-584-5959,
all for Huntsman Corporation Web Site: http://www.huntsman.com/
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