Everberg, Belgium - In a further consolidation of the polyurethane systems business in Europe. Huntsman Corp. is to buy a 70-percent majority shareholding in German systems house PUR-Systems GmbH & Co. KG. PUR-Systems will continue to operate under its existing name and will manufacture and sell products in the wider European market, said a 14 May Huntsman announcement.
No financial terms were disclosed: Huntsman said PUR-Systems has an annual turnover of about Euro 50 million ($77.4 million).
PUR-Systems is "well known for their excellent and committed team, modern and very well equipped facilities and highly flexible distribution and logistics," commented Nick Webster, vice president of Huntsman's Polyurethanes division in Europe, in the announcement.
Dipl Ing Christian Duve, founder and managing director of PUR-Systems, said that the proposed venture with Huntsman, "will enable PUR-Systems to further accelerate its rapid growth."
PUR-Systems will continue operating at its base at Georgsmarienhütte near Osnabrück.
PIC: Christian Duve of PUR-Systems talked to Urethanes Technology International at the K-2007 show in Düsseldorf last October