RED BANK, N.J., Feb. 27, 2003 (PRIMEZONE) -- Millennium Chemicals (NYSE:MCH) ("Millennium") has announced today that due to the unusual rise in the market price of hydrocarbon feedstocks and fuels in the US Gulf Coast, Millennium has taken the following actions related to its Acetyls Business.
Millennium announced the following price increases for vinyl acetate monomer (VAM) and glacial acetic acid (GAA):
North America: VAM -- US$0.08/pound or as contracts permit
GAA -- US$0.06/pound or as contracts permit
South America: VAM -- US$175/metric ton
Europe: VAM -- Euros 160/metric ton or as contracts permit
GAA -- Euros 125/metric ton or as contracts permit
Asia, including the Middle East:
VAM -- US$175/metric ton
GAA -- US$135/metric ton
These increases are effective as follows: contract sales -- March 15, 2003; prompt (non-contract) sales -- March 1, 2003.
Millennium is also establishing a list price for methanol of $1.15/gal, FOB La Porte, TX, effective March 1, 2003.
Millennium Chemicals (website: www.millenniumchem.com) is a major international chemicals company, with leading market positions in a broad range of commodity, industrial, performance and specialty chemicals.
Millennium Chemicals Inc. is:
-- The second-largest producer of TiO2 in the world and a leading
producer of titanium tetrachloride, and other products, including
zirconia, cadmium/selenium pigments and silica gel;
-- the second-largest producer of acetic acid and vinyl acetate
monomer in North America, and through its partnership interest in
La Porte Methanol Company, LP, a partner in a leading U.S.
producer of methanol;
-- a leading producer of fragrance chemicals; and,
-- through its partnership interest in Equistar Chemicals, LP, a
partner in the second-largest producer of ethylene, and the third-
largest producer of polyethylene in North America and a leading
producer of ethylene oxide and its derivatives and high value-
added specialty polymers.
The aforementioned statements relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, future global economic conditions, production capacity, competitive products and prices and other risks and uncertainties detailed in the company's Securities and Exchange Commission filings. In addition, the information presented here is intended to be accurate as of this date. Forward-looking information is intended to reflect the opinions as of this date; and, such information will not necessarily be updated by the Company.