Huntsman to Purchase Chemicals Business
Huntsman Corp. has entered into a definitive agreement to acquire the chemicals business of Laffans Petrochemicals Ltd. Based in Ankleshwar, India, Laffans manufactures amines and surfactants. The chemicals business has 130 employees and annual sales of approximately $45 million. The acquisition, subject to certain terms and conditions, is expected to occur in the first half of 2011. The Laffans chemicals business will be integrated into the Performance Products division and is expected to be immediately accretive to earnings.
“In addition to the recently announced expansion of our polyetheramine facility in Singapore, the acquisition of this business is strategically important as we look to meet the rapid growth in demand for other amines within Asia,” said Daniele Ferrari, Performance Products division president. “A stronger manufacturing presence in India will enable us to better support our customers and their growth specifically within the Indian economy. This acquisition will bring total annual Huntsman sales in India to approximately $260 million, or 3% of total sales. The Laffans chemical business is complementary to our existing technology and product offering and introduces exciting potential for additional product development.”
For more information, visit www.huntsman.com or www.laffanspetrochemicals.com.