Huntsman Corp.’s indirect foreign subsidiaries that have been selling products to third parties in Iran will discontinue doing so and will exit any contractual arrangements there as quickly as legally possible. While such sales have been done in full compliance with U.S. law, Huntsman, based in The Woodlands, Texas, determined that the small amount of business done in Iran does not justify the risk to its reputation, a potential issue due to the increasing international concern over the policies of the current regime.
Huntsman, a global manufacturer and marketer of differentiated chemicals, says that total sales by its foreign subsidiaries to entities in Iran have historically represented only a minor fraction of one percent of Huntsman’s global sales.
Chemical Firm Ends Iran Sales
February 25, 2010