Huntsman Releases Fourth Quarter And Full Year 2012 Results; Reports Record Full Year Adjusted EBITDA Of $1.4 Billion And Announces Increased Common Dividend
THE WOODLANDS, Texas, Feb. 12, 2013 /PRNewswire/ —
Full Year 2012 Highlights
- Net income attributable to Huntsman Corporation increased to $363 million compared to $247 million in the prior year period.
- Adjusted EBITDA improved 15% to $1,396 million compared to the prior year period.
- Adjusted diluted income per share improved 33% to $2.25 compared to the prior year period.
Fourth Quarter 2012 Highlights
- Adjusted EBITDA was $233 million compared to $243 million in the prior year period.
- Adjusted diluted income per share was $0.24 compared to $0.28 in the prior year period.
- Net loss attributable to Huntsman Corporation was $40 million compared to $105 million of income in the prior year period. The decrease from the prior year period was primarily due to a $78 million loss on early extinguishment of debt (compared to $2 million in the prior year period) and $40 million of restructuring costs (compared to $4 million of credits in the prior year period).
Increased Common Dividend
- The company’s board of directors has declared a $0.125 per share cash dividend on its common stock. The dividend is payable on March 29, 2013 to stockholders of record as of March 15, 2013.
Three months ended Twelve months ended
------------------
December 31, September 30, December 31,
------------ ------------
In millions, except
per share amounts,
unaudited 2012 2011 2012 2012 2011
------------------- ---- ---- ---- ---- ----
Revenues $2,619 $2,632 $2,741 $11,187 $11,221
Net (loss) income
attributable to
Huntsman
Corporation $(40) $105 $116 $363 $247
Adjusted net
income(1) $58 $68 $168 $542 $408
Diluted (loss)
income per share $(0.17) $0.44 $0.48 $1.51 $1.02
Adjusted diluted
income per share(1) $0.24 $0.28 $0.70 $2.25 $1.69
EBITDA(1) $104 $273 $341 $1,187 $1,039
Adjusted EBITDA(1) $233 $243 $401 $1,396 $1,214
See end of press release for footnote explanations
Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2012 results with revenues of $2,619 million and adjusted EBITDA of $233 million.
Peter R. Huntsman, our President and CEO, commented:
“Our 2012 adjusted EBITDA of $1.4 billion represents record earnings for our current configuration of businesses. I am very enthusiastic about the direction in which the company is headed. Within our largest division – Polyurethanes – our MDI business is growing at attractive rates, and future prospects are pointing towards tighter market conditions. In the fourth quarter, I was pleased to see that our smallest division – Textile Effects – recorded positive earnings as a result of our restructuring and cost cutting efforts. Our Pigments division is going through a business cycle where we expect an improvement in earnings beginning in the second half of 2013.
We have put programs in place across our divisions that will enhance our future competitiveness and increase shareholder value. I expect the future annual benefits of these programs to be approximately $190 million when complete in the middle of 2014.
The company generated more than $200 million in cash from operations and repaid $50 million of term loans in the fourth quarter. We look forward to funding future growth opportunities with free cash flow generation and remain committed to reducing our overall debt.”
Segment Analysis for 4Q12 Compared to 4Q11
Polyurethanes
The increase in revenues in our Polyurethanes division for the three months ended December 31, 2012 compared to the same period in 2011 was due to higher average selling prices and higher sales volumes partially offset by the strength of the U.S. dollar against the euro. PO/MTBE average selling prices increased primarily due to favorable market conditions. MDI average selling prices increased in all regions partially offset by the strength of the U.S. dollar against the euro. MDI sales volumes increased primarily due to strong demand globally for insulation and the housing & automotive recovery in North America, PO/MTBE volumes increased due to strong demand. The increase in adjusted EBITDA was primarily due to higher volumes, higher contribution margins and lower fixed costs.
Performance Products
The decrease in revenues in our Performance Products division for the three months ended December 31, 2012 compared to the same period in 2011 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to lower product availability of intermediates as we prepared for our first quarter 2013 maintenance and softer demand for European surfactants. Average selling prices declined due to lower raw material costs and the strength of the U.S. dollar against major international currencies, partially offset by an improvement in sales mix. The increase in adjusted EBITDA was primarily due to higher sales volumes and higher contribution margins in our amines business as well as higher contribution margins in our maleic anhydride and North American intermediates businesses.
Advanced Materials
Revenues were essentially unchanged in our Advanced Materials division for the three months ended December 31, 2012 compared to the same period in 2011 as higher sales volumes offset lower average selling prices. Sales volumes increased primarily due to stronger demand in the Americas, Asia Pacific and India while sales volumes in Europe decreased due to planned manufacturing maintenance and lower demand in the wind energy market. Average selling prices decreased primarily due to competitive market pressure, lower raw material costs in most regions and the strength of the U.S. dollar against major international currencies. The decrease in adjusted EBITDA was primarily due to lower contribution margins partially offset by lower selling, general and administrative costs as a result of recent restructuring efforts.
On January 23, 2013 we announced a comprehensive restructuring program in our Advanced Materials division designed to improve efficiencies and increase its global competitiveness. We expect the program to be complete by the middle of 2014 with future annual benefits of approximately $70 million.
Textile Effects
The increase in revenues in our Textile Effects division for the three months ended December 31, 2012 compared to the same period in 2011 was due to higher sales volumes, partially offset by lower average selling prices. Sales volumes increased due to increased global market share and improved demand. The increase in local currency average selling prices was offset by the strength of the U.S. dollar against major international currencies. The increase in adjusted EBITDA was primarily due to higher sales volumes and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Pigments
The decrease in revenues in our Pigments division for the three months ended December 31, 2012 compared to the same period in 2011 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to lower global demand and customer destocking. Average selling prices decreased due to lower global demand and the strength of the U.S. dollar against major international currencies. The decrease in adjusted EBITDA was primarily due to lower sales volumes and lower contribution margins.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by $15 million to a loss of $49 million for the three months ended December 31, 2012 compared to a loss of $34 million for the same period in 2011. The decrease in adjusted EBITDA was primarily the result of a $6 million increase in LIFO inventory valuation expense (income of nil in 2012 compared to $6 million of income in 2011) and increased corporate expenses.
Liquidity, Capital Resources and Outstanding Debt
As of December 31, 2012 we had $887 million of combined cash and unused borrowing capacity compared to $1,043 million at December 31, 2011.
For the three months ended December 31, 2012 our primary net working capital decreased by $130 million and we generated $218 million in cash from operations. For the year ended December 31, 2012 our primary net working capital increased by $102 million and we generated $774 million in cash from operations.
On October 31, 2012 we repaid $50 million of our senior secured term loans due 2014.
On December 3, 2012 we used the proceeds of our recent 4.875% senior notes offering due 2020 to redeem $400 million of 5.5% senior notes due 2016. In connection with the redemption, we recognized a loss on early extinguishment of debt in the fourth quarter of approximately $77 million. The 5.5% senior notes were favorably issued to us at less than market interest rates; accounting standards required us to record the notes on our balance sheet at less than face value and amortize the difference over time up to the full face value of $400 million. As a result, when we refinanced the notes we recognized an increase of recorded debt on our balance sheet of $73 million.
Total capital expenditures for the year ended December 31, 2012 were $412 million. We expect to spend approximately $450 million on capital expenditures in 2013 which approximates our annual depreciation and amortization.
Income Taxes
During the three months ended December 31, 2012 we recorded an income tax benefit of $17 million and paid $71 million in cash for income taxes. Our adjusted effective income tax rate for the three months ended December 31, 2012 was approximately 26%.
During the year ended December 31, 2012 we recorded income tax expense of $169 million and paid $224 million in cash for income taxes. Our adjusted effective income tax rate for the year ended December 31, 2012 was approximately 30%.
We expect our full year 2013 adjusted effective tax rate to be approximately 35% primarily due to the effect of tax valuation allowances and expected regional mix of income. We expect our long term effective income tax rate to be approximately 30 – 35%.
Conference Call Information
We will hold a conference call to discuss our fourth quarter and full year 2012 financial results on Tuesday, February 12, 2013 at 10:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 713 - 4205
International participants (617) 213 - 4862
Passcode 39830729
In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=P9P3QHHYU
Webcast Information
The conference call will be available via webcast and can be accessed from the investor relations portion of the company’s website at huntsman.com.
Replay Information
The conference call will be available for replay beginning February 12, 2013 and ending February 19, 2013.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 46339142
Table 1 - Results of Operations
-------------------------------
Three months ended Twelve months ended
December 31, December 31,
------------ ------------
In millions, except per share
amounts, unaudited 2012 2011 2012 2011
----------------------------- ---- ---- ---- ----
Revenues $2,619 $2,632 $11,187 $11,221
Cost of goods sold 2,199 2,243 9,153 9,381
----- ----- ----- -----
Gross profit 420 389 2,034 1,840
Operating expenses 305 246 1,097 1,067
Restructuring, impairment and
plant closing costs
(credits) 40 (4) 92 167
--- --- --- ---
Operating income 75 147 845 606
Interest expense, net (54) (62) (226) (249)
Equity in income of
investment in unconsolidated
affiliates 2 2 7 8
Loss on early extinguishment
of debt (78) (2) (80) (7)
Other (loss) income (1) 2 1 2
--- --- ---
(Loss) income before income
taxes (56) 87 547 360
Income tax benefit (expense) 17 2 (169) (109)
--- ---- ----
(Loss) income from continuing
operations (39) 89 378 251
Income (loss) from
discontinued operations, net
of tax(2) - 4 (7) (1)
Extraordinary gain on the
acquisition of a business,
net of tax of nil 1 2 2 4
--- --- ---
Net (loss) income (38) 95 373 254
Net (income) loss
attributable to
noncontrolling interests,
net of tax (2) 10 (10) (7)
---
Net (loss) income
attributable to Huntsman
Corporation $(40) $105 $363 $247
==== ==== ==== ====
Adjusted EBITDA(1) $233 $243 $1,396 $1,214
Adjusted net income(1) $58 $68 $542 $408
Basic (loss) income per share $(0.17) $0.45 $1.53 $1.04
Diluted (loss) income per
share $(0.17) $0.44 $1.51 $1.02
Adjusted diluted income per
share(1) $0.24 $0.28 $2.25 $1.69
Common share information:
Basic shares outstanding 238.2 235.7 237.6 237.6
Diluted shares 238.2 239.5 240.6 241.7
Diluted shares for adjusted
diluted income per share 241.3 239.5 240.6 241.7
See end of press release for footnote explanations
Table 2 - Results of Operations by Segment
------------------------------------------
Three months ended Twelve months ended
December 31, Better / December 31, Better /
------------ ------------
In millions, unaudited 2012 2011 (Worse) 2012 2011 (Worse)
---------------------- ---- ---- ------ ---- ---- ------
Segment Revenues:
Polyurethanes $1,182 $1,043 13% $4,894 $4,434 10%
Performance Products 723 755 (4)% 3,065 3,301 (7)%
Advanced Materials 311 313 (1)% 1,325 1,372 (3)%
Textile Effects 190 174 9% 752 737 2%
Pigments 286 399 (28)% 1,436 1,642 (13)%
Eliminations and other (73) (52) (40)% (285) (265) (8)%
--- --- ---- ----
Total $2,619 $2,632 --- $11,187 $11,221 ---
====== ====== ======= =======
Segment Adjusted EBITDA(1):
Polyurethanes $186 $79 135% $772 $476 62%
Performance Products 79 60 32% 361 374 (3)%
Advanced Materials 6 15 (60)% 92 111 (17)%
Textile Effects 1 (22) NM (22) (64) 66%
Pigments 10 145 (93)% 362 508 (29)%
Corporate, LIFO and other (49) (34) (44)% (169) (191) 12%
Total $233 $243 (4)% $1,396 $1,214 15%
==== ==== ====== ======
See end of press release for footnote explanations
Table 3 - Factors Impacting Sales Revenues
------------------------------------------
Three months ended
December 31, 2012 vs. 2011
--------------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(a) Total
--------- -------- ---- ------- -------- -----
Polyurethanes 6% (2)% (1)% 10% 13%
Performance Products (3)% (2)% 5% (4)% (4)%
Advanced Materials (6)% (3)% 1% 7% (1)%
Textile Effects 1% (2)% (1)% 11% 9%
Pigments (9)% (2)% --- (17)% (28)%
Total Company --- (2)% --- 2% ---
Twelve months ended
December 31, 2012 vs. 2011
--------------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(a) Total
--------- -------- ---- ------- -------- -----
Polyurethanes 4% (2)% --- 8% 10%
Performance Products (3)% (3)% 2% (3)% (7)%
Advanced Materials (6)% (4)% --- 7% (3)%
Textile Effects --- (4)% (1)% 7% 2%
Pigments 14% (5)% --- (22)% (13)%
Total Company 2% (3)% 1% --- ---
(a) Excludes revenues and sales volumes primarily from tolling arrangements and the sale of by-products and raw materials.
Table 4 - Reconciliation of U.S. GAAP to Non-GAAP Measures
----------------------------------------------------------
Income Tax Net Income (Loss) Diluted Income (Loss)
EBITDA (Expense) Benefit Attrib. to HUN Corp. Per Share
------ ----------------- -------------------- ---------
Three months ended Three months ended Three months ended Three months ended
December 31, December 31, December 31, December 31,
------------ ------------ ------------ ------------
In millions, except per share amounts,
unaudited 2012 2011 2012 2011 2012 2011 2012 2011
-------------------------------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $104 $273 $17 $2 $(40) $105 $(0.17) $0.44
Adjustments:
Legal settlements and related expenses 6 8 (2) (3) 4 5 0.02 0.02
Loss on early extinguishment of debt 78 2 (28) (1) 50 1 0.21 -
Restructuring, impairment, plant closing and
transition costs (credits) 45 (4) (4) (7) 41 (11) 0.17 (0.05)
Discount amortization on settlement financing
associated with the terminated merger N/A N/A (3) (2) 5 5 0.02 0.02
Acquisition expenses 3 - (1) - 2 - 0.01 -
Gain on disposition of businesses/assets (3) (34) - 3 (3) (31) (0.01) (0.13)
Loss (income) from discontinued operations,
net of tax(2) 1 - N/A N/A - (4) - (0.02)
Extraordinary gain on the acquisition of a
business, net of tax (1) (2) N/A N/A (1) (2) - (0.01)
Adjusted(1) $233 $243 $(21) $(8) $58 $68 $0.24 $0.28
==== ==== ==== === === === ----- -----
Adjusted income tax expense 21 8
Net income (loss) attributable to
noncontrolling interests, net of tax 2 (10)
Adjusted pre-tax income(1) $81 $66
=== ===
Adjusted effective tax rate 26% 12%
Income Tax Net Income (Loss) Diluted Income (Loss)
EBITDA (Expense) Benefit Attrib. to HUN Corp. Per Share
------ ----------------- -------------------- ---------
Three months ended Three months ended Three months ended Three months ended
September 30, September 30, September 30, September 30,
In millions, except per share amounts,
unaudited 2012 2012 2012 2012
-------------------------------------- ---- ---- ---- ----
GAAP(1) $341 $(61) $116 $0.48
Adjustments:
Legal settlements and related expenses 4 (2) 2 0.01
Loss on early extinguishment of debt 1 (1) - -
Loss on initial consolidation of subsidiaries 4 - 4 0.02
Restructuring, impairment, plant closing and
transition costs 51 (11) 40 0.17
Discount amortization on settlement financing
associated with the terminated merger N/A (3) 5 0.02
Acquisition expenses 1 - 1 -
Loss from discontinued operations, net of
tax(2) - N/A 1 -
Extraordinary gain on the acquisition of a
business, net of tax(3) (1) N/A (1) -
Adjusted(1) $401 $(78) $168 $0.70
==== ==== ==== -----
Adjusted income tax expense 78
Adjusted pre-tax income(1) $250
====
Adjusted effective tax rate 31%
Income Tax Net Income (Loss) Diluted Income (Loss)
EBITDA (Expense) Benefit Attrib. to HUN Corp. Per Share
------ ----------------- -------------------- ---------
Twelve months ended Twelve months ended Twelve months ended Twelve months ended
December 31, December 31, December 31, December 31,
------------ ------------ ------------ ------------
In millions, except per share amounts,
unaudited 2012 2011 2012 2011 2012 2011 2012 2011
-------------------------------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $1,187 $1,039 $(169) $(109) $363 $247 $1.51 $1.02
Adjustments:
Legal settlements and related expenses 11 46 (4) (17) 7 29 0.03 0.12
Loss on early extinguishment of debt 80 7 (29) (3) 51 4 0.21 0.02
Loss (gain) on initial consolidation of
subsidiaries 4 (12) - 2 4 (10) 0.02 (0.04)
Restructuring, impairment, plant closing and
transition costs 109 167 (18) (11) 91 156 0.38 0.65
Discount amortization on settlement financing
associated with the terminated merger N/A N/A (11) (10) 20 18 0.08 0.07
Acquisition expenses 5 5 (1) (1) 4 4 0.02 0.02
Gain on disposition of businesses/assets (3) (40) - 3 (3) (37) (0.01) (0.15)
Loss from discontinued operations, net of
tax(2) 5 6 N/A N/A 7 1 0.03 -
Extraordinary gain on the acquisition of a
business, net of tax (2) (4) N/A N/A (2) (4) (0.01) (0.02)
Adjusted(1) $1,396 $1,214 $(232) $(146) $542 $408 $2.25 $1.69
====== ====== ===== ===== ==== ==== ----- -----
Adjusted income tax expense 232 146
Net income attributable to noncontrolling
interests, net of tax 10 7
Adjusted pre-tax income(1) $784 $561
==== ====
Adjusted effective tax rate 30% 26%
See end of press release for footnote explanations
Table 5 - Reconciliation of Net Income (Loss) to EBITDA
-------------------------------------------------------
Three months ended Twelve months ended
------------------
December 31, September 30, December 31,
------------ ------------
In millions, unaudited 2012 2011 2012 2012 2011
---------------------- ---- ---- ---- ---- ----
Net (loss) income
attributable to Huntsman
Corporation $(40) $105 $116 $363 $247
Interest expense, net 54 62 56 226 249
Income tax (benefit)
expense from continuing
operations (17) (2) 61 169 109
Income tax benefit from
discontinued operations(2) (1) (4) - (3) (5)
Depreciation and
amortization of continuing
operations 108 112 107 427 439
Depreciation and
amortization of
discontinued operations(2) - - 1 5 -
EBITDA(1) $104 $273 $341 $1,187 $1,039
==== ==== ==== ====== ======
See end of press release for footnote explanations
Table 6 - Selected Balance Sheet Items
--------------------------------------
December 31, September 30, December 31,
In
millions 2012 2012 2011
--------- ---- ---- ----
(unaudited)
Cash $396 $444 $562
Accounts
and
notes
receivable,
net 1,534 1,626 1,529
Inventories 1,819 1,807 1,539
Other
current
assets 370 365 316
Property,
plant
and
equipment,
net 3,745 3,626 3,622
Other
assets 1,020 1,078 1,089
Total
assets $8,884 $8,946 $8,657
====== ====== ======
Accounts
payable $1,102 $1,017 $862
Other
current
liabilities 791 758 752
Current
portion
of
debt 288 130 212
Long-
term
debt 3,414 3,550 3,730
Other
liabilities 1,393 1,275 1,325
Total
equity 1,896 2,216 1,776
Total
liabilities
and
equity $8,884 $8,946 $8,657
====== ====== ======
Table 7 - Outstanding Debt
--------------------------
December 31, September 30, December 31,
In millions 2012 2012 2011
----------- ---- ---- ----
(unaudited)
Debt:
Senior credit facilities $1,565 (a) $1,613 $1,696
Accounts receivable
programs 241 237 237
Senior notes 568 (b) 490 472
Senior subordinated notes 892 892 976
Variable interest entities 270 266 281
Other debt 166 182 280
Total debt -excluding
affiliates 3,702 3,680 3,942
----- ----- -----
Total cash 396 444 562
--- --- ---
Net debt- excluding
affiliates $3,306 $3,236 $3,380
====== ====== ======
(a) net of $26 million unamortized discount as of December 31, 2012
(b) net of $32 million unamortized discount as of December 31, 2012
Table 8 - Summarized Statement of Cash Flows
--------------------------------------------
Three months ended Year ended
December 31, December 31,
------------
In millions, unaudited 2012 2012 2011
---------------------- ---- ---- ----
Total cash at beginning
of period $444 $562 $973
Net cash provided by
operating activities 218 774 365
Net cash used in
investing activities (172) (471) (280)
Net cash used in
financing activities (95) (473) (490)
Effect of exchange rate
changes on cash 1 3 (7)
Change in restricted
cash - 1 1
Total cash at end of
period $396 $396 $562
==== ==== ====
Supplemental cash flow
information:
Cash paid for interest $(32) $(209) $(204)
Cash paid for income
taxes (71) (224) (119)
Cash paid for capital
expenditures (164) (412) (330)
Depreciation &
amortization 108 432 439
Changes in primary
working capital:
Accounts and notes
receivable 102 - (121)
Inventories 4 (248) (161)
Accounts payable 24 146 24
Total source (use) of
cash $130 $(102) $(258)
==== ===== =====
Footnotes
---------
(1) We use EBITDA and adjusted EBITDA to measure
the operating performance of our business.
We provide adjusted net income because we
feel it provides meaningful insight for the
investment community into the performance of
our business. We believe that net income
(loss) attributable to Huntsman Corporation
is the performance measure calculated and
presented in accordance with generally
accepted accounting principles in the U.S.
("GAAP") that is most directly comparable to
EBITDA, adjusted EBITDA and adjusted net
income. Additional information with respect
to our use of each of these financial
measures follows:
EBITDA is defined as net income (loss)
attributable to Huntsman Corporation before
interest, income taxes, and depreciation and
amortization. EBITDA as used herein is not
necessarily comparable to other similarly
titled measures of other companies. The
reconciliation of EBITDA to net income
(loss) attributable to Huntsman Corporation
is set forth in Table 5 above.
Adjusted EBITDA is computed by eliminating
the following from EBITDA: EBITDA from
discontinued operations; restructuring,
impairment, plant closing and transition
costs (credits); acquisition expenses;
certain legal settlements and related
expenses; loss on early extinguishment of
debt; loss (gain) on initial consolidation
of subsidiaries; extraordinary loss (gain)
on the acquisition of a business; and loss
(gain) on disposition of businesses/assets.
The reconciliation of adjusted EBITDA to
EBITDA is set forth in Table 4 above.
Adjusted net income (loss) is computed by
eliminating the after tax impact of the
following items from net income (loss)
attributable to Huntsman Corporation: loss
(income) from discontinued operations;
restructuring, impairment, plant closing and
transition costs (credits); discount
amortization on settlement financing
associated with the terminated merger;
acquisition expenses; certain legal
settlements and related expenses; loss on
early extinguishment of debt; loss (gain) on
initial consolidation of subsidiaries;
extraordinary loss (gain) on the acquisition
of a business; and loss (gain) on
disposition of businesses/assets. We do
not adjust for changes in tax valuation
allowances because we do not believe it
provides more meaningful information than is
provided under GAAP. The reconciliation of
adjusted net income (loss) to net income
(loss) attributable to Huntsman Corporation
common stockholders is set forth in Table 4
above.
(2) During the first quarter 2010 we closed our
Australian styrenics operations, results
from this business are treated as
discontinued operations.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Our 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 has approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2012 revenues of over $11 billion. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
Forward-Looking Statements:
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 Huntsman 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. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
SOURCE Huntsman Corporation
