Huntsman Achieves Company Record for Low Injury Rate
Wednesday January 14, 8:30 am ET
THE WOODLANDS, Texas, Jan. 14 /PRNewswire-FirstCall/ -- Huntsman Corporation today announced that its OSHA recordable rate of occupational injuries for the year ending December 31, 2008, marked the lowest in the company's history.
Building on the company's 2002 commitment to develop uniform Environmental, Health & Safety ("EHS") standards for the company's global manufacturing platform, the company fulfilled its 2006 commitment to invest in a behavioral safety program in all regions of the world in which it operates. The value of the company's ongoing investment in safety was most recently demonstrated by this year's record low OSHA recordable rate of occupational injuries.
Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "I am very pleased with the culture of continuous improvement at Huntsman, especially as it relates to the safety of the associates and contractors at each of our sites. These investments in safety are among the most important we can make."
During the year ending December 31, 2008, Huntsman Corporation expensed nearly $83 million on its EHS programs, and invested an additional $57 million on capital improvements related to EHS. The company also received $1 billion in payments during December from affiliates of Apollo Management, L.P. pursuant to a settlement agreement with Huntsman. Net proceeds from the $1 billion in payments (excluding fees and expenses) will be used to reduce the company's indebtedness and to increase liquidity. The company expects the cash tax impact to be minimal.
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.
Source: Huntsman Corporation
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