THE WOODLANDS, Texas,
May 17 /PRNewswire-FirstCall/ --
Huntsman Corporation (NYSE: HUN) today announced that it has
reached agreement with its reinsurance carriers to settle
Huntsman's claims related to losses occurring as a result of the
April 29, 2006, fire at its
Port Arthur, Texas, olefins
facility, subsequently sold to Flint Hills Resources. Under the
agreement, Huntsman will receive cash proceeds of $110 million in settlement of its claims, which
had been the subject of ongoing arbitration with its carriers.
Huntsman expects to receive payment within thirty days following
the date of the agreement. Huntsman previously collected
$365 million in insurance proceeds
also related to the 2006 fire.
Peter Huntsman, President and CEO
of Huntsman, stated, "We are pleased to have reached this
agreement. As previously indicated, we plan to use these proceeds
to retire secured debt and further strengthen our balance sheet.
After doing so with these proceeds, we will have prepaid almost
$300 million of secured debt since
the beginning of this year."
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
approximately 11,000 employees and operates from multiple locations
worldwide. The Company had 2009 revenues of approximately
$8 billion. 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.
SOURCE Huntsman Corporation