Huntsman to acquire Indian chemicals business

Chemical News: Huntsman to acquire Indian chemicals business

https://www.chemnet.com Aug 03,2010
Huntsman Corp. has agreed to acquire the chemicals business of Indian company Laffans Petrochemicals Ltd.

Financial terms of the agreement were not disclosed.

Ankleshwar, India-based Laffans was formed in 1994 to make ethylene oxide derivatives. The chemicals business, which makes amines and surfactants, has 130 employees and annual sales of about $45 million.

Huntsman (NYSE: HUN), also a chemicals manufacturer, splits its corporate headquarters between The Woodlands and Salt Lake City.

The company expects to close on the deal in 2011. When completed, the chemical business will be integrated into Huntsman’s performance products division.

The acquisition is in line with Huntsman’s strategy to meet the demands for other amines in Asia, according to Daniele Ferrari, president of the performance products division. In a statement, Ferrari said that the new chemicals business will increase Indian sales to 3 percent, or $260 million of Huntsman’s total sales.

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