THE WOODLANDS, Texas
and SINGAPORE, June 25, 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 completed
the purchase of Huntsman's European commodity surfactants business.
Financial details of the agreement were not disclosed.
Under the terms of agreement first announced on April 10, 2014, Huntsman has sold to Wilmar its
ethoxylation facility in Lavera, France and Wilmar has entered into a
multi-year arrangement to purchase certain sulphated surfactant
products from Huntsman's facilities in St. Mihiel, France and Castiglione delle Stiviere,
Italy.
In October 2013, 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.
Stu Monteith, President of
Huntsman Corporation's Performance Products division said: "We are
pleased to have completed this sale in line with our original
timetable and are very confident that our re-focus on
differentiated surfactants will result in a more profitable
surfactants business for Huntsman in Europe going forward".
Rahul Kale, Wilmar's Group Head
of Oleochemicals & Biofuels, said: "We are pleased with this
acquisition which extends our product portfolio and our
geographical reach to service our customers better."
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 capitalization on the Singapore Exchange. Wilmar's
business activities include oil palm cultivation, oilseeds
crushing, edible oils refining, sugar milling and refining,
specialty fats, oleo chemicals, biodiesel and fertilizers
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