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Huntsman Corporation’s President and Chief Executive Officer, Peter R. Huntsman issued a statement in response to inquiries regarding the business impact of lower priced oil.
In an environment where oil prices are sustainably low, Huntsman Corporation will emphatically be a beneficiary over the long term. Many of their raw materials are derived from the oil refining process.“We expect our margins to improve as the cost of our raw materials decrease. We also expect a meaningful working capital release which will help strengthen our balance sheet. Lower priced oil should provide more discretionary spending for consumers; approximately one third of our business is consumer oriented.“We have a number of growth projects underway; I expect our business to improve throughout 2015.”About Huntsman:Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of approximately $13 billion including the acquisition of Rockwood’s performance additives and TiO2 businesses. Their chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. They operate more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 15,000 associates within their 5 distinct business divisions. More information:www.huntsman.com