Huntsman Corp. recently announced it has completed its acquisition of the business of Oxid L.P., a manufacturer and marketer of specialty urethane polyols in Houston, Texas, for an amount of up to $75 million. Oxid generated $86 million in revenue in 2012.
“We are very pleased with the acquisition of Oxid,” said Anthony P. Hankins, president of Huntsman’s Polyurethanes division. “In the past 18 months, we have strengthened our downstream capabilities with the acquisition and establishment of new systems houses in Turkey, Russia and Indonesia; acquired a 20% stake in Nippon Aqua Co. Ltd., a Japanese spray polyurethane foam insulation company; we’ve commissioned a new, state-of-the-art MDI splitter and downstream manufacturing unit in Rotterdam, the Netherlands; and we’ve invested in the expansion of our worldscale MDI manufacturing facility in Geismar, La.
“These investments reflect our confidence in the long-term growth prospects for MDI-based urethanes and the addition of Oxid’s highly experienced team to our Polyurethanes business will significantly strengthen our offer to the key downstream insulation markets both in North America and globally.”