Huntsman Announces Capacity Expansion at Singapore Polyetheramines Plant
THE WOODLANDS, Texas, Feb. 16, 2011 /PRNewswire via COMTEX/ --
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(R) 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(R) 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.
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(R) is a registered trademark of Huntsman Corporation or an affiliate thereof in one or more, but not all, countries.
SOURCE Huntsman Corporation