Huntsman and Polinvent Agreement to Add Value Through Adducts
Everberg, Belgium –The Polyurethanes division of Huntsman (HUN:NYSE) has signed a cooperation agreement with Budapest-based Polinvent – a research-intensive enterprise that has recently developed and patented a range of novel amine-epoxy adducts. Together, the two companies will explore the benefits that can be derived from incorporating Polinvent adducts into polyurethane and polyurea coatings as well as other adhesive and elastomer products.
Under the terms of the cooperation – which covers research, development, manufacture, trade and intellectual property rights – Huntsman will have exclusive access to Polinvent adducts for an initial three year period. During this time, the two companies will seek out new application opportunities and create new adducts for industrialization.
Ian Rimmer, Commercial Coatings Manager Europe, at Huntsman Polyurethanes, said: “Our cooperation with Polinvent is a mutually beneficial arrangement. Polinvent was looking for a global trade partner that could make use of its adduct technology, while we are always on the look out for sustainable, innovative solutions that can help us differentiate our products and improve our competitiveness. We look forward to utilizing Polinvent’s existing adducts across our global manufacturing and supply network, and to developing new amine-epoxy adducts in cooperation with their highly skilled chemists. ”
Dr Gabor Nagy, owner and CEO of Polinvent, said: “We have been a Huntsman customer for more than a decade and have always had a productive relationship, exchanging ideas and working closely with the business to join PDA Europe and the industry-wide ‘Walk the Talk’ system. Partnering with Huntsman to roll out the use of our amine-epoxy products was the obvious choice. We are excited to formalize our cooperation and uncover new opportunities that will deliver benefits across the polyurethanes industry as well as key vertical market sectors.”
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Our 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 has approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2011 revenues of over $11 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.
About Polinvent
Polinvent, established in 1990, is an innovative Hungarian, spin-off, small-to-mid sized enterprise. With close links to the Budapest University of Technology and Economics, the company focuses on the research, development and manufacture of original “niche” products for special purposes. Polinvent has 20 permanent employees that work alongside specialists employed on a contract basis for R&D projects. The company’s main activities are the R&D and production of indirect (water glass isocyanate-based) polyurea products: 3P and 4P resins. Polinvent is also involved in the R&D of hot-sprayed polyurea components since 2007. For more information, please go to: www.polinvent.hu.
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.
CONTACT: Amina Nehili, +32 (0) 2 758 98 54