THE WOODLANDS, Texas,
Feb. 16, 2011 /PRNewswire/ -- The
Performance Products division of Huntsman Corporation (NYSE: HUN)
today announced that it is going ahead with the engineering design
for a 40,000-ton capacity expansion program at its world-scale
polyetheramine facility in Singapore.
Huntsman plans to invest more than $70
million at its Jurong Island plant in a move that will more
than double the site's manufacturing capabilities, help satisfy
increasing global demand for polyetheramines and strengthen the
company's leadership position in this technology. In the last five
years, Huntsman – the world's leading polyetheramine producer – has
seen interest in its JEFFAMINE® amines accelerate dramatically.
Polyetheramines are typically employed in epoxy coatings or in
additives that enhance the performance of fuels, concrete and
pesticides. With new amine applications emerging all the time,
Huntsman is forecasting significant mid-term growth in the
sector.
Stu Monteith President of
Huntsman's Performance Products division said: "When our Jurong
site first opened in 2007 it was designed to produce 16,000 tons of
polyetheramines per annum. However, in the last few years demand
has begun to outstrip production capabilities across our three main
production sites in Singapore;
Conroe, Texas; and Llanelli in
Wales. Adding this extra 40,000
tons of capacity in Asia is in
line with our regional growth projections for the next decade and
will optimize our global manufacturing footprint for specialty
amines, enabling us to flex and respond more quickly to customer
requirements."
Although Huntsman already has a significant position in the
market, it expects demand for its JEFFAMINE® amines range to
intensify across all regions over the next decade, particularly in
Asia-Pacific – where volume is set
to grow by at least 10% per 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 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.
Note: JEFFAMINE® is a registered trademark of Huntsman
Corporation or an affiliate thereof in one or more, but not all,
countries.
SOURCE Huntsman Corporation