The Woodlands, Texas -- Huntsman Corp. has acquired the chemicals business of Laffans Petrochemicals Ltd. -- an Indian manufacturer of amines and surfactants.
The acquisition is expected to be completed in the first half of 2011, a 31 July Huntsman statement said. The cost of the acquisition was not disclosed.
"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," Huntsman's Performance Products division president, Daniele Ferrari, said in the statement.
"A stronger manufacturing presence in India will enable us to better support our customers and their growth specifically within the Indian economy," Ferrari added.
According to Ferrari, the acquisition will bring total annual Huntsman sales in India to around $260 million or 3 percent of total sales. "The Laffans chemical business is complementary to our existing technology and product offering and introduces exciting potential for additional product development."
Based in Ankleshwar, India, Laffans employs 130 staff, with annual sales of around $45 million, the statement said.
Huntsman's polyurethanes division, a major producer of MDI (methylene diphenyl diisocyanate), manufactures flexible and rigid polyethers, polyesters, polyether amines, polyurea amines, propylene oxide, polyols, fully formulated polyurethane systems and TPUs (thermoplastic polyurethanes). (RD)