THE WOODLANDS, Texas
and SINGAPORE, April 10, 2014
/PRNewswire/ -- Huntsman Corporation (NYSE:HUN) and Wilmar
International Limited (SGX:F34) today announced that Wilmar's
wholly-owned subsidiary, Wilmar Europe Holdings B.V. has agreed to
purchase Huntsman's European commodity surfactants business.
Completion remains subject to customary closing conditions,
including regulatory procedures in France. Financial details of the agreement
were not disclosed.
Under the terms of agreement, Huntsman plans to sell to Wilmar
its ethoxylation facility in Lavera, France. In addition,
Wilmar will enter into a multi-year arrangement to purchase
sulphated surfactant products from Huntsman's facilities in St.
Mihiel, France and Castiglione
delle Stiviere, Italy.
Separately, Huntsman has also announced its intention to cease
production by October 2014 at its
Patrica, Italy commodity
surfactants facility.
Last October, Huntsman announced plans to improve its annual
EBITDA by $20 million by exiting a
number of commodity surfactant product lines in Europe and to focus on developing and growing
the remaining differentiated surfactants businesses. The
closure of the Patrica facility and the implementation of other
restructuring activities, including the re-focus on differentiated
surfactants following the sale to Wilmar, will result in a smaller,
more profitable surfactants business for Huntsman in Europe going forward.
Peter Huntsman, President and CEO
of Huntsman Corporation, said: "This restructuring and portfolio
repositioning will benefit our Performance Products division in
Europe and preserve jobs that
otherwise would have been lost. The sale and offtake agreement with
Wilmar will further cement the already strong relationship between
our two companies. We plan to work closely together with Wilmar to
ensure a smooth and seamless transition for customers and other
stakeholders."
Mr. Kuok Khoon Hong, Chairman and
CEO of Wilmar International Limited, said: "We are very pleased
with this agreement with Huntsman, which enables Wilmar to broaden
its existing footprint in Europe
and extend its integrated chain to better serve customers in all
geographies with responsible and quality products. The ongoing and
successful relationship between our two companies will serve us
both very well in our respective growth strategies."
About Huntsman:
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
About Wilmar:
Wilmar International Limited, founded in 1991 and headquartered
in Singapore, is today
Asia's leading agribusiness
group. Wilmar is ranked amongst the largest listed companies
by market capitalisation on the Singapore Exchange. Wilmar's
business activities include oil palm cultivation, oilseeds
crushing, edible oils refining, sugar milling and refining,
specialty fats, oleochemicals, biodiesel and fertilisers
manufacturing and grains processing. At the core of Wilmar's
strategy is a resilient integrated agribusiness model that
encompasses the entire value chain of the agricultural commodity
processing business, from origination and processing to branding,
merchandising and distribution of a wide range of agricultural
products. It has over 450 manufacturing plants and an extensive
distribution network covering China, India,
Indonesia and some 50 other
countries. The Group is backed by a multinational workforce of
about 90,000 people.
Wilmar's portfolio of high quality processed agricultural
products is the preferred choice of the food manufacturing
industry, as well as the industrial and consumer food businesses.
Its consumer-packed products occupy a leading share in its targeted
markets. Through scale, integration and the logistical advantages
of its business model, Wilmar is able to extract margins at every
step of the value chain, thereby reaping operational synergies and
cost efficiencies. Wilmar remains a firm advocate of sustainable
growth and is committed to its role as a responsible corporate
citizen.
For further information about Wilmar, please visit the company's
web site at www.wilmar-international.com.
Statement by Huntsman on 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.
SOURCE Huntsman Corporation