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Huntsman

Huntsman

Industry: 
Chemicals
Symbol: 
NYSE:HUN
Country: 
USA
Sources: 
  • “Huntsman Corp., the world’s biggest maker of epoxy adhesives, said its foreign subsidiaries will discontinue sales in Iran due to concern over the government’s handling of protests of last year’s presidential election.

    ‘The small amount of business done there does not justify the reputational risk currently associated with doing business with entities located in Iran due to growing international concern over the policies of the current regime,’ Huntsman said in a statement.

    Huntsman, based in The Woodlands, Texas, said sales to entities located in Iran represented only a ‘minor fraction of one percent’ of its worldwide sales. The company said sales to third parties in Iran ‘have been done in full compliance with U.S. law.’

    Huntsman came under pressure last year from United Against Nuclear Iran to end all business in Iran, according to a spokeswoman for the New York-based advocacy group, Kimmie Lipscomb.

    ‘This shows that the American people are concerned with a company’s decision to do business in Iran,’ Lipscomb said in an interview.

    ‘We learned that one of Huntsman’s subsidiaries was conducting business in Iran, selling polyurethane, which can be used in the development of solid rocket fuel,’ she said. ‘We sent them a letter in November and they said they did not believe the polyurethane was being used for rocket fuel. We objected to them doing any business in Iran.’

    Huntsman spokesman Russ Stolle said the company had been in contact with United Against Nuclear Iran. He declined to say whether the decision to halt business in Iran was spurred by the group’s pressure. (Bloomberg News, “Huntsman Stops Sales in Iran on Concern for Government Actions,” 1/27/10)
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