THE WOODLANDS, Texas,
May 20, 2020 /PRNewswire/ -- Huntsman
Corporation (NYSE: HUN) today announced that it has branded
its world leading spray polyurethane foam (SPF) Business as
Huntsman Building Solutions (HBS). HBS is a global platform within
Huntsman's Polyurethanes division.
The SPF Business was formed when Huntsman acquired leading North
American SPF company Icynene-Lapolla in February and combined it
with Demilec, which Huntsman acquired in 2018. HBS is now one of
the world's leading SPF providers and the fifth largest insulation
manufacturer. Simon Baker,
previously president of Demilec, and Doug
Kramer, formerly president of Icynene-Lapolla, jointly lead
HBS. Baker is responsible for Canada and international business and Kramer
for U.S. business.
Commenting on the new name, Tony
Hankins, President of Huntsman's Polyurethanes division,
said: "Integration of the two legacy companies is progressing well
and the selection of the new name is an important milestone for the
Business. I'm excited about the opportunities that lie ahead,
notwithstanding the current challenges caused by the Covid-19
pandemic. SPF is a highly attractive growth business; we have a
product offering which is second to none and our products provide
significant environmental benefits – not just in terms of energy
savings, as they are the most effective thermal insulants in the
market; but also in terms of the upcycling of PET bottles and
scrap, which are used in our TEROL® polyols, a key
ingredient in the production of SPF. HBS will consume significant
volumes of our lower margin polymeric MDI – the other key
ingredient in SPF formulations – to produce higher margin
specialized SPF systems."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated and specialty chemicals with 2019
revenues of approximately $7
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
70 manufacturing, R&D and operations facilities in
approximately 30 countries and employ approximately 9,000
associates within our four distinct business divisions. For more
information about Huntsman, please visit the company's website at
www.huntsman.com.
Social Media:
Twitter: www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Certain information in this release constitutes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. 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 under the caption "Risk Factors" 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, volatile global economic conditions, cyclical
and volatile product markets, disruptions in production at
manufacturing facilities, reorganization or restructuring of
Huntsman's operations, including any delay of, or other negative
developments affecting the ability to implement cost reductions,
timing of proposed transactions, and manufacturing optimization
improvements in Huntsman businesses and realize anticipated cost
savings, and other financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws.
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SOURCE Huntsman Corporation