KPX Chemical and Huntsman Corp. recently announced the establishment of a joint venture called KPX Huntsman Polyurethanes Automotive Co., Ltd. (KHPUA). The joint venture will create and provide polyurethane system solutions to Korean automakers from a specialty polyurethanes manufacturing facility at KPX Chemical’s Ulsan plant. Operations are expected to commence by the end of October.
Huntsman reports that the Korean automotive industry is undergoing profound changes and presents new opportunities for high-performance and lightweight polyurethane system solutions. The new joint venture will accelerate growth in this sector by providing sustainable innovations and a high level of technical service support to its customers. KPX Chemical will leverage its 47 years of experience in polyol technology and know-how by combining it with Huntsman’s ability to develop high-performance, differentiated, MDI-based automotive solutions for vehicle manufacturers and its fully integrated global supply chain.
“We are delighted to join forces with KPX Chemical,” said Tony Hankins, president of Huntsman’s Polyurethanes division and CEO of Huntsman Asia Pacific. “Korea is one of Huntsman’s key markets in Asia and driving continued business growth in the automotive industry is a priority for us. The new joint venture will create and provide customized polyurethane systems solutions to meet local automotive customers’ needs for improved comfort, superior acoustics and light-weighting. By creating value for its customers, KHPUA will enable downstream polyurethanes businesses to develop in a more sustainable way, both economically and environmentally.”
According to Kim Moon-young, president of KPX Chemical, “This cooperation is of great strategic significance to both parties. Together, under the banner of KHPUA, we will leverage the R&D and capacity advantages of KPX Chemical and Huntsman in the region to become the industry’s preferred innovation partner. It is an exciting time to be creating a new venture and we look forward to working with key players in the region to meet growing demand for autonomous vehicles and electric transport solutions that can support the country’s carbon neutrality ambitions.”