SHANGHAI, Feb. 27, 2014 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) held an inauguration ceremony today to mark the official opening of its new thermoplastic polyurethanes (TPU) production facility at the Jinshan Second Industry Zone in Shanghai, China.
The 21,000 m2 plant, which cost $20 million, is Huntsman's first TPU production facility in the Asia Pacific region and complements the company's existing TPU plants in the USA and Germany. The facility has been built to service the region's fast-growing demand for TPUs, which are used in an extensive range of consumer and industrial applications, including sports footwear and clothing, automotive interior parts and glass lamination.
Commenting on the new plant, Asia Pacific CEO and President of the Polyurethanes' division, Tony Hankins, said: "China has become the largest market for TPU products and this new facility will significantly improve our supply capabilities, enabling us to respond more quickly and effectively to the needs of our partners in the region. The investment reflects our long-term commitment to our local customers and builds on the division's strategy of strengthening our downstream capabilities."
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 80 manufacturing and R&D facilities in 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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.
SOURCE Huntsman Corporation