Huntsman Acquires Global Fluorochemical Product Line for Nonwovens from DuPont
BASEL, Switzerland, July 25 /-- Huntsman Corporation (NYSE:HUN) today announced that its Textiles Effects business has signed an agreement to acquire DuPont's global fluorochemical business for the nonwovens industry. The DuPont(TM) Zonyl® fluorochemical product line is used on nonwovens as effective repellents for water, alcohol and oil based fluids. Nonwoven textiles are primarily used in medical, filtration, automotive and construction applications.
Following a brief transition period to ensure a smooth handover and uninterrupted supply, Huntsman will assume responsibility for all future activities related to the business. The transaction with DuPont includes a long-term supply agreement for finished products and intermediates, but does not include the transfer of DuPont employees or the sale of DuPont manufacturing assets. The parties also entered into a joint development agreement to bring new innovations to the nonwovens marketplace.
"We are delighted with this transaction, as we believe that DuPont's technology and product stewardship, with its focus on sustainability, will significantly enhance our product offering in the technical textile market, which is strategically important for our Textile Effects business," said Paul Hulme, President of Huntsman's Materials and Effects division. "The addition of this product line will further strengthen our ability to provide innovative products and complementary effects in the nonwovens segment."
Financial details of the transaction were not disclosed.
Huntsman 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, Huntsman today has 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Source: Huntsman Corporation
CONTACT: Guy Wolff, for Huntsman Corporation, +41-61-966-4146, Cell,
+41-79-593-9186
Web site: http://www.huntsman.com/
