Huntsman to Expand Polyurethane Production Capabilities in India
EVERBERG, Belgium – The Polyurethanes division of Huntsman Corporation (NYSE:HUN) today announced plans to expand its polyurethane production capabilities in India. Over the next year, Huntsman will invest $10 million (USD) in the construction of a world-class systems house in Pune, India – a city near Mumbai favoured by major Indian and multi-national companies.
The new facility – scheduled to be operational by the end of Q1 2012 – will replace Huntsman’s existing system house in Thane (also near Mumbai), which has served the company well but has limited scope for expansion and occupies land that is due to transfer back to its owner shortly.
Construction of a purpose-built modern systems house at Pune will enable Huntsman to capitalize on its leading position in the Indian polyurethanes market; enhance its range of services; and continue to supply local customers quickly and efficiently. Demand for Huntsman's methylene diphenyl diisocyanate (MDI) products is rising across India's manufacturing sector. Fuelled by rapid social and economic development, established and emerging markets for MDI include innovative footwear technologies; tailor-made solutions for automotive and construction; retail and cold supply chain applications for the country's thriving logistics sector; and infrastructure build projects.
Plans for the eight-acre site at Pune include a modern development machine hall and large scale blending facilities to enable supply, both in bulk and in intermediate bulk containers.
Nick Webster, Vice President of Huntsman Polyurethanes, said: “India is the world’s second fastest growing economy. With an expanding middle class, increased urbanization and significant infrastructure development projects underway, we are predicting a large spike in demand for MDI across the region. The new systems house will be optimized to meet our specific production and blending requirements. It will give us room for future growth, reflecting our long-term commitment to the provision of high-quality polyurethane products and first-class customer service across the entire Indian sub-continent.”
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 today has more than 12,000 employees and operates from multiple locations worldwide. The Company had 2010 revenues of over $9 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.
CONTACTS:
Ilse Vanden Brande
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