The Woodlands -- Huntsman Corp. announced 3 July that it has acquired the remaining ownership of Russian joint venture Huntsman NMG (HNMG), giving it full ownership of the company. The US-headquartered group did not reveal financial terms of the deal.
HNMG is a leading supplier of polyurethane systems to the adhesives, coatings and footwear markets in Russia, Ukraine and Belarus.
In a Huntsman statement, Anthony Hankins, president of the Polyurethanes division said "The Russian Federation is recognised as an important and fast growing economy, with double-digit growth rates predicted for polyurethane products. This investment will give us greater access to the high value coatings, adhesives and elastomers markets through an established, state-of-the-art operations platform that will enhance our ability to provide differentiated solutions for our customers."
Huntsman Polyurethanes set up the HNMG joint venture in Obninsk, near Moscow, in 2007 and in January 2010, opened a new systems house on the same site, to produce a wide range of polyurethane products to support the growth of its customers in the region.
At that time, HNMG had over 150 employees, making polyurethane systems for the adhesives, coatings and elastomers markets in Russia and other former Soviet Union countries. As well as the Obninsk site, the business has branch offices in Belarus, the Ukraine and other parts of the region.