Huntsman Acquires Polyurethane Elastomer Manufacturer Tecnoelastomeri
THE WOODLANDS, Texas –Â Huntsman Corporation (NYSE: HUN) announced today that it has completed the acquisition of Tecnoelastomeri, a manufacturer and marketer of methylene diphenyl diisocyanate (MDI) based hot-cast elastomer systems and processing machines, based in Modena, Italy. 2014 sales revenue for Tecnoelastomeri was approximately $12 million. The purchase price was not disclosed.
Hot-cast polyurethanes are used in many downstream applications, including bumper pads, coated conveyor belts, gears, rollers and wheels. These applications are used in the automotive, rail, oil and gas, mining and steel industries among others. Huntsman has supplied MDI for these applications for many years.
Tecnoelastomeri markets its diverse product line globally under a number of well-known trademarks, including Tecnoelastomeri engineering urethane elastomers, Tecnothane polyurethane systems, Rithane specialty polyurethane systems, Castech polyurethane machines and Linthane specialty thermoplastic urethanes (TPUs).
Commenting on the acquisition, Tony Hankins, President of Huntsman's Polyurethanes division, said: "We are very pleased with the acquisition of Tecnoelastomeri. The addition of its highly experienced team to our Polyurethanes business will significantly strengthen our offer to the growing, downstream hot-cast elastomer markets globally."
"In the past few years we have strengthened our downstream capabilities and now have more than 25 facilities worldwide. These investments reflect our confidence in the long-term growth prospects for MDI-based urethanes."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood's performance additives and TiO(2) businesses. 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 100 manufacturing and RD facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
About Tecnoelastomeri
Tecnoelastomeri is a manufacturer of MDI systems, finished elastomer parts and machines for processing elastomers - in other words the full range of hot cast elastomer technology. Headquartered in Modena, Italy, it supplies product and technology support to customers worldwide. For more information about Tecnoelastomeri, please visit the company's website at www.tecnoelastomeri.com
SOURCE Huntsman Corporation
CONTACT: Media - Gary Chapman, (281) 719-4324, OR Investor Relations - Kurt Ogden, (801) 584-5959
Web Site: http://www.huntsman.com
