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Huntsman Expects 2nd Quarter Adjusted EBITDA to Increase Approximately 10%

Published on 2008-07-17. Author : SpecialChem

THE WOODLANDS, Texas -- Huntsman Corporation has announced that it expects its Adjusted EBITDA for the three month period ended June 30, 2008, to increase by approximately 10% as compared to Adjusted EBITDA for the three month period ended March 31, 2008.

Peter Huntsman, President and CEO, stated, "Despite absorbing an additional $75 million in higher raw material, energy and other direct costs in the second quarter as compared to the first quarter, as well as the continued decline in the value of the US dollar, we are successfully implementing increases in our selling prices and sales volumes have improved. Our results in the month of June were stronger than those recorded in May, which were stronger than those recorded in April. We expect this trend to continue into the second half of 2008 and would expect Adjusted EBITDA in the second half of the year to be stronger than in the first half."

We estimate Net Debt, including amounts outstanding under our accounts receivable securitization program, was approximately $4.3 billion as of June 30, 2008. This compares to approximately $4.1 billion at June 30, 2007. Estimated total cash and unused borrowing capacity at June 30, 2008 was in excess of $550 million.

Mr. Huntsman added, "Obviously, we are pleased with these results and outlook and have been eager to make these available in light of Apollo and Hexion's false and misleading allegations about our performance and financial condition."

About Huntsman:

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 13,000 employees and operates from multiple locations worldwide. The company had 2007 revenues of approximately $10 billion.

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. In addition, the completion of any transaction described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. 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


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