Everberg, Belgium - Huntsman Corp. and PUR-Systems GmbH & Co. KG announced 3 Nov that they have completed the necessary steps to form a joint venture for making and selling polyurethane systems in central Europe and elsewhere. The joint venture, initially announced in May 2008, commences operation immediately, said a Huntsman statement.
"Completion of the formation of this joint venture marks a further step in our determination to strengthen our position in the European region and in particular in downstream rigid systems," said Nick Webster, vice president of Huntsman's Polyurethanes division in Europe, in the company statement.
For PUR-Systems, Dipl. Ing. Christian Duve, founder and director, said, "We are very happy to have secured such a strong, upstream partner as Huntsman, with whom we can also exchange technology to further develop new markets."
PUR-Systems, in which Huntsman has taken a 70-percent stake, will be run as a standalone operation at its site at Georgsmarienhütte, near Osnabrück. The company's existing management, led by Duve, stays in place, as do the unit's 20 employees.