Huntsman to Pursue Major Maleic Anhydride Expansion
Tuesday April 26, 4:45 pm ET
THE WOODLANDS, Texas, April 26 /PRNewswire-FirstCall/ -- Huntsman Corporation, today announced plans to pursue the expansion of its annual maleic anhydride manufacturing capacity by 100 million pounds. The new capacity, which could be on line as early as the first quarter of 2008, will increase Huntsman's US production capacity by over 40% to 335 million pounds.
Huntsman Vice President, Tom Fisher, commented, "The robust demand for maleic anhydride makes it incumbent upon us to lead the way in meeting our customers' requirements."
A team formed from Huntsman's maleic anhydride business and its licensing engineering partner has begun basic engineering and site selection for this project. The team is evaluating several Huntsman sites in the US for the expansion.
Huntsman is a leading global producer of maleic anhydride and currently has the capacity to manufacture 235 million pounds per year at its facility in Pensacola, Florida. Huntsman also owns a 50% interest in a joint venture in Moers, Germany that has an annual capacity of 125 million pounds.
Maleic anhydride is the building block for unsaturated polyester resins mainly used in the production of fiberglass reinforced resins for construction, automotive and marine products.
Huntsman is a global manufacturer and marketer of commodity and differentiated chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has revenues of $11.5 billion, 11,300 employees and 62 operations in 22 countries.
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 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. Accordingly, there can be no assurance 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 securities and other applicable laws.
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