THE WOODLANDS, Texas,
May 25, 2011 /PRNewswire/ -- Huntsman
Corporation (NYSE: HUN) today announced that it has signed a
license agreement with Chinese chemicals manufacturer Yantai Wanhua
Polyurethanes Co., Ltd., for the production of Propylene Oxide (PO)
and Methyl Tertiary Butyl Ether (MTBE) - a co-product of PO.
The financial terms of the arrangement were not
disclosed.
Yantai Wanhua, a leading Asian polyurethanes producer, plans to
leverage the license to build a worldscale PO/ MTBE plant at its
facility in Yantai, Shandong
province, with construction expected to commence later this year
and beneficial production due in late 2013.
Huntsman's polyurethanes division has worldscale production
facilities in the U.S., the
Netherlands and China,
including a 240/750 ktpa PO/ MTBE plant in Port Neches, Texas and is a global leader in
PO technology.
Commenting on the agreement, Peter R.
Huntsman, President and Chief Executive Officer of Huntsman
Corporation, said, "Huntsman is pleased with the negotiations and
the relationship that has been built between our Company and Yantai
Wanhua - one of China's finest
manufacturing companies. We anticipate this relationship will
extend into other business opportunities that will be beneficial
for both companies. We look forward to working with Yantai
Wanhua in building this PO/ MTBE facility."
Mr. Ding Jiansheng, chairman of Yantai Wanhua Polyurethanes Co.,
Ltd., commented, "This co-operation with Huntsman is a win-win
solution for both parties and for the polyurethane industry.
Huntsman is one of the leading PO technology holders and definitely
the right partner to work with to realize our vision: to be a
first-class, green chemical producer. With China's huge
chemical market potential and Wanhua's local expertise, the PO/MTBE
license will foster a true success in our Wanhua Yantai portside
integrated chemical complex."
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 12,000 employees and operates from multiple locations
worldwide. The Company had 2010 revenues of over
$9 billion. For more information
about Huntsman, please visit the company's website at
www.huntsman.com.
About Yantai Wanhua:
Yantai Wanhua Polyurethanes Co., Ltd. was founded on
December 20, 1998 and is the first
listed shareholding enterprise following reorganization in
Shandong Province, China. In 2010, Yantai Wanhua achieved sales
revenue of $1.45billion (RMB 9.4billion). Yantai Wanhua's business covers
R&D, production and marketing of isocyanates, aromatic
polyamines and thermoplastic polyurethanes (TPUs). The company
currently has three MDI plants with a combined capacity of
800,000 tons/year, with product quality and unit consumption
reaching global standards. For detailed information, please visit
the company's website at www.ytpu.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