Chemical company Huntsman Corporation has announced plans to expand its titanium dioxide manufacturing facility in the UK by 50,000 metric tonnes per year, increasing its annual capacity to 150,000 metric tonnes. The expansion will be based on Huntsman's proprietary ICON chloride technology and is expected to be operational in the second half of 2007. Huntsman's Pigments business plans to take further steps to strengthen its global titanium dioxide market position in the coming months. Titanium dioxide is a commonly used white pigment in consumer products such as paints, plastics, textiles, and cosmetics.
Huntsman Announces Major Pigments Production Increase
U.K. Plant to See 50% Expansion
BILLINGHAM, England - Huntsman Corporation (NYSE: HUN) today announced plans for a 50,000 MTE expansion of its flagship titanium dioxide manufacturing facility at Greatham, U.K., bringing the facility's annual capacity to 150,000 MTE.
The expansion will be based upon Huntsman's proprietary ICON chloride technology and is the second significant project at the Greatham site since Huntsman acquired the TiO2 business in 1999. The company expects the new capacity to be operational in the second half of 2007 and fully completed in early 2008.
Huntsman said the expansion is the first of several major steps its Pigments business plans to take over the next several months to further strengthen its global TiO2 market position.
"This capacity increase will position us well to grow with the titanium dioxide market and to participate more fully in sectors where our high performing TIOXIDE(R) product portfolio can create substantial value for our customers," said Pigments Division President, Tom Keenan. "We are extremely optimistic about our global position in this industry and the plans we have in place to further strengthen our competitive portfolio by meeting the growing needs of our customers. We will have additional announcements in the coming months."
Titanium dioxide is the most commonly used white pigment that gives consumer products their brightness and opacity. End-use markets include paints, plastics, textiles, paper, food and cosmetics.
Huntsman is a global manufacturer and marketer of differentiated and commodity 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, rapid and integrated growth in petrochemicals, Huntsman today has 15,000 employees and 78 operations in 24 countries. The Company had 2005 revenues of $13 billion.
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.