THE WOODLANDS, Texas, Jan. 14 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE: HUN) today announced that its OSHA recordable rate of
occupational injuries for the year ending December 31, 2008, marked the lowest
in the company's history.
Building on the company's 2002 commitment to develop uniform
Environmental, Health & Safety ("EHS") standards for the company's global
manufacturing platform, the company fulfilled its 2006 commitment to invest in
a behavioral safety program in all regions of the world in which it operates.
The value of the company's ongoing investment in safety was most recently
demonstrated by this year's record low OSHA recordable rate of occupational
Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "I
am very pleased with the culture of continuous improvement at Huntsman,
especially as it relates to the safety of the associates and contractors at
each of our sites. These investments in safety are among the most important
we can make."
During the year ending December 31, 2008, Huntsman Corporation expensed
nearly $83 million on its EHS programs, and invested an additional $57 million
on capital improvements related to EHS. The company also received $1 billion
in payments during December from affiliates of Apollo Management, L.P.
pursuant to a settlement agreement with Huntsman. Net proceeds from the $1
billion in payments (excluding fees and expenses) will be used to reduce the
company's indebtedness and to increase liquidity. The company expects the
cash tax impact to be minimal.
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
13,000 employees and operates from multiple locations worldwide. The Company
had 2007 revenues of approximately $10 billion. For more information about
Huntsman, please visit the company's website at www.huntsman.com.
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
CONTACT: media, Russ Stolle, +1-281-719-6624; or investors, Kurt Ogden,
+1-801-584-5959, for Huntsman Corporation
Web Site: http://www.huntsman.com