Chemicals group Huntsman sees better business from lower oil prices
1/7/2015 12:00:00 AM
Global chemicals company Huntsman issued a statement today in response to inquiries regarding the business impact of lower priced oil.
From CEO Peter R. Huntsman:
"In an environment where oil prices are sustainably low, Huntsman will emphatically be a beneficiary over the long term," he said. "Many of our raw materials are derived from the oil refining process.
"We expect our margins to improve as the cost of our raw materials decrease," Huntsman continued. "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."
Huntsman is a 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.
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