Everberg, Belgium - Huntsman Corp. has bought Istanbul, Turkey-based EMA Kimya Sistemleri Sanayi ve Ticaret AS, a polyurethanes systems house which formulates materials using MDI (methylene diphenyl diisocyanate).
EMA will become part of Huntsman's Polyurethanes division and will be known as Huntsman-EMA. Huntsman said EMAs' two major shareholders, Mrs Gulum Kabil and Mr Engin Tataroglu, will continue to manage the business operations of the new venture.
EMA built its plant in 2006, to blend formulations for Turkey's fast-growing MDI systems market, according to Huntsman. The facility can blend, make polyester polyols and has bulk storage for MDI and base polyols.
Huntsman did not reveal financial details of the purchase.
"We are delighted to announce the acquisition of EMA. We have great respect for what the company's management team has achieved in the Turkish chemical industry and think the EMA business is a great fit with our own," said Nick Webster, vice president of Huntsman Polyurethanes, in the company's 2 Jan 2012 announcement.
"Integrating this business into our polyurethanes portfolio is part of a global strategy to strengthen our presence in markets where economic growth favours polyurethanes consumption."
Webster noted that Turkey's MDI systems market grew at 13-15 percent in 2010 - one of the highest rates in the world, and he picked out "strong opportunities in the rigids systems market as well as the potential to "boost sales capabilities in expanding regional insulation, automotive, adhesives, coatings, elastomers and furniture industries."
Kabil and Tataroglu said: "EMA has been a successful and well-managed company since it was established. We have built strong customer relationships based on mutual respect and understanding," adding that the takeover "is an exciting development for our business, our customers and for the Turkish polyurethanes industry as a whole."
As an integral part of Huntsman, EMA is now a key component of a global company with 2010 revenues of $9200 million.
Huntsman Polyurethanes is a leading producer of MDI - a key ingredient in the production of polyurethanes, and also makes flexible and rigid polyether and polyester polyols, polyether amines, polyurea amines, propylene oxide, fully formulated polyurethane systems and thermoplastic polyurethanes for diverse industries.
Huntsman said its polyurethanes business has almost 2500 employees worldwide serving over 3500 customers in more than 90 countries. In 2010, the division's revenues exceeded $3600 million.