Acquisition expected to bring Huntsman’s sales in India to $260m
Chemicals company Huntsman Corporation has entered into an agreement to acquire the chemicals business of India’s Laffans Petrochemicals Ltd. The transaction, which is expected to go through in the first half of 2011, subject to certain terms and conditions, will see Laffans’ chemicals business – which manufactures amines and surfactants – integrated into Huntsman’s performance products division.
“In addition to the recently announced expansion of our polyetheramine facility in Singapore, the acquisition of this business is strategically important as we look to meet the rapid growth in demand for other amines within Asia,” said Daniele Ferrari, Huntsman’s president of performance chemicals. “A stronger manufacturing presence in India will enable us to better support our customers and their growth specifically within the Indian economy. This acquisition will bring total annual Huntsman Corporation sales in India to approximately $260m or 3% of total sales. The Laffans chemical business is complementary to our existing technology and product offering and introduces exciting potential for additional product development.”