EVERBERG, Belgium, May 29, 2018 /PRNewswire/ -- Huntsman
Corporation (NYSE: HUN) today announced plans to build a new
polyurethanes systems house in Dubai. Located within the Jebel Ali Free Trade
Zone (JAFZA), the new facility will strengthen Huntsman's
differentiated downstream capabilities in the heart of the
Middle East.
Targeted for completion by the second half of 2019, Huntsman's
investment will increase the company's systems production capacity
in the region and add a new dimension to its polyester polyol
capabilities. The Dubai systems
house will complement the company's two existing systems houses in
the Middle East, in Turkey (Huntsman EMA) and Saudi Arabia (HAPC - a joint venture with the
BCI Group of Companies), forming three strong pillars for
growth.
Tony Hankins, President
Huntsman's Polyurethanes division, said: "This is a bold and timely
investment, which will serve as a strategic platform to expand our
business in the Middle East and
North Africa and build our market
leading position. It represents the next step in our plan to
strengthen our downstream network. We now have 30 facilities
worldwide, which provide innovative solutions in close proximity to
our customers."
Steen Weien Hansen, regional Vice
President of Polyurethanes, further commented: "The MDI-based
systems market in the Middle East
has delivered strong growth in the last five years and this trend
is forecast to continue at estimated rates of 7% annually. The
construction of the new systems house will enable us to supply
traditional and high-end rigid polyurethane formulations from a
local source. It will also enable us to leverage our development
and production know-how in polyester polyol and polyol blends for
the fast-growing flexible foam and footwear markets, as well as
pre-polymers for adhesives, coatings and elastomers
applications."
Gulum Kabil, General Manager of Huntsman Polyurethanes' business
activities in the Middle East and
Turkey, will manage the new
systems house.
About Huntsman:
Huntsman Corporation is a publicly traded global
manufacturer and marketer of differentiated and specialty chemicals
with 2017 revenues of more than $8 billion. Our chemical
products number in the thousands and are sold worldwide to
manufacturers serving a broad and diverse range of consumer and
industrial end markets. We operate more than 75 manufacturing,
R&D and operations facilities in approximately 30 countries and
employ approximately 10,000 associates within our four distinct
business divisions. For more information about Huntsman, please
visit the company's website at www.huntsman.com.
Social Media:
Twitter: www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Certain information in this release constitutes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
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
under the caption "Risk Factors" 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,
volatile global economic conditions, cyclical and volatile product
markets, disruptions in production at manufacturing facilities,
reorganization or restructuring of Huntsman's operations, including
any delay of, or other negative developments affecting the ability
to implement cost reductions and manufacturing optimization
improvements in Huntsman businesses and realize anticipated cost
savings, and other financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws.
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