The Pigments division of Huntsman Corporation (NYSE: HUN) today announced that it has agreed in principle to an investment of circa EUR 30 million to build a new magnesium sulfate fertilizer manufacturing operation at the division's titanium dioxide (TiO2) pigments manufacturing plant in Calais, France.
The investment is approved in principle and is subject to the finalization of a number of elements including the granting of permits and securing additional finance, which are all on track.
The new fertilizer plant will use spent acid from pigment manufacturing operations at Calais and will enable the closure of half the Calais Effluent Treatment Plant (ETP). The operation of the fertilizer plant will deliver major environmental benefits in the form of lower energy consumption and it will also reduce the carbon dioxide emissions at the site. These environmental benefits are coupled with cost reductions that add to the transformation in the efficiency, sustainability and cost effectiveness of the entire Calais site.
President of Huntsman Pigments, Simon Turner said, "We have approved this investment in principle as we can clearly see the significant benefits it will bring. It makes sense from an efficiency and cost point of view and there is also a very compelling sustainability case as this project will reduce site energy consumption and carbon dioxide emissions. Further, it will significantly strengthen the business and make Calais more competitive in European and global markets. The approval of this project is very positive for the site, for the Calais region, and for the nation. We look forward to the safe construction, start-up, and operation of this new facility within the next few years."
Scott Anderson, Huntsman Pigments' vice president for manufacturing and technology, said, "The agreement in principle of the investment from Huntsman and the strong support we have received from all authorities and the government, clearly demonstrates our joint commitment to our site at Calais and the Calais region. This is a great step forward. It is important that we recognize the role of our associates, whose joint efforts deliver success for the site. Their support has been, and continues to be, a key factor in ensuring a positive outcome for this project. I thank everyone working on this project, internally and externally, and look to the entire team for their continued effort and assistance, which to date has been exemplary."
Source: http://www.huntsman.com/