Huntsman Announces Its First Quarterly Cash Dividend
Strength of Balance Sheet Permits Company to Initiate Quarterly Dividend
THE WOODLANDS, Texas, Feb. 14 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that the company's board of directors has approved initiation of a quarterly cash dividend for its common stock and has declared a $0.10 per share cash dividend, payable on March 30, 2007, to shareholders of record as of March 15, 2007.
Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "Having taken major strides to strengthen the company's balance sheet through positive operating cash flows, funds raised in our IPO, and the proceeds from our ongoing divestitures of our commodity petrochemical businesses, it is now time to return some of our free cash flow to our shareholders."
Jon M. Huntsman, founder and Chairman of Huntsman Corporation, added, "Our board of directors has every confidence that solid financial results will continue. The board was pleased to approve this first quarterly dividend. Our focus going forward is to strongly enhance shareholder value through growth and innovation."
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 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
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 to negotiation and execution of definitive agreements among the parties 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 Investor Relations, John Heskett, +1-801-584-5768, both of Huntsman Corporation