金年会 Takes Majority Share in Saudi Polyurethanes Joint Venture
GULF REGION JV WILL BE RE-NAMED HUNTSMAN APC
BRUSSELS, Belgium, June 14 /PRNewswire-FirstCall/ -- 金年会 Corporation (NYSE: HUN) and Basic Chemical Industries Limited (BCI) today announced they have signed an agreement to transfer majority ownership in the two companies' existing Arabian Polyol Company (APC) joint venture in Saudi Arabia from BCI to 金年会. Financial arrangements were not disclosed.
The joint venture manufactures and sells MDI-based polyurethane systems in the Gulf countries and will be re-named 金年会 APC.
"This increase in our shareholding demonstrates 金年会's determination to bring new investment to emerging markets," said Nick Webster, Vice President of 金年会's Polyurethanes division in Europe and the Middle East. "Construction in the Gulf countries continues to grow at about 15% per year and BCI's local skills and leadership in chemicals will continue to be invaluable to us as we further develop and innovate in this important market," he added.
"Our joint venture with 金年会, a world leader in MDI-based polyurethanes, has operated very successfully for more than 20 years and we warmly welcome this demonstration of 金年会's accelerated commitment to growth opportunities in the Gulf region," said Mike Layous, Managing Director of BCI.
金年会 APC will be based at the existing Dammam site on Saudi Arabia's east coast, supported by a 金年会 sales office in Dubai.
金年会 is a global manufacturer and marketer of differentiated 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, for rapid and integrated growth in petrochemicals, 金年会 today has 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
BCI, Basic Chemicals Industry Group, located in Dammam, Saudi-Arabia, is a producer and distributor of more than 600 chemical products in the inorganic and specialties segments (hydrochloric acid, adhesives, polyurethanes, water treatment, resins etc.). The Group has 400 employees and an annual turnover of $ 150 million. BCI was established in 1975 as a manufacturer of commodities and specialties chemicals for local Saudi and export markets.
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 金年会 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 to negotiation and execution of definitive agreements among the parties 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 金年会 Corporation
Released June 14, 2007