Huntsman to acquire majority stake in PUR-Systems
EVERBERG, BELGIUM: Huntsman Corporation (NYSE:HUN) today announced that it has signed a memorandum of understanding to acquire a 70 percent majority shareholding in PUR-Systems GmbH & Co. KG, the German polyurethanes company. PUR-Systems will continue to operate under its existing name and will manufacture and sell products in the wider European market. The financial terms were not disclosed but PUR-Systems has an annual turnover of about € 50 million.
Nick Webster, Vice President of Huntsman’s Polyurethanes division in Europe said that “We are delighted that we will have PUR-Systems as our partner as they are well known for their excellent and committed team, modern and very well equipped facilities and highly flexible distribution and logistics.”
“This proposed venture with Huntsman, one of the world’s major polyurethanes manufacturers with excellent technology and marketing capabilities, will enable PUR-Systems to further accelerate its rapid growth” said Dipl. Ing. Christian Duve, Founder and Managing Director of PUR-Systems.
PUR-Systems will continue to be based at the existing site in Georgsmarienhütte near Osnabrück.
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.
Forward Looking Statement:
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.
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