01 August 2012 20:08 [Source: ICIS news]
HOUSTON (ICIS news)--Second-quarter revenue for US-based Huntsman’s polyurethanes (PU) business rose to $1.271m (€1.030m), up 12% year on year, the company said on Wednesday.
Quarter on quarter, revenues rose 4% from $1.220m.
Company CEO Peter Huntsman said its PU business benefitted from double-digit growth for its methyl di-p-phenylene isocyanate [MDI] products. Margins also rose.
The improvement in performance was driven by strong MDI demand, increased MDI selling prices and stable raw materials costs.
Principal demand sectors for Huntsman’s MDI urethanes are insulation with 36% of sales; adhesives, coatings and elastomers with 17%; automotive and marine with 15%; household appliances with 9%; and construction with 9%, according to the company.
The outlook for Huntsman’s PU business is one of improving demand along with benefits from its cost-savings programme, but margin pressure is expected from higher benzene costs, according to the company.
($1 = €0.81)
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