Huntsman to purchase Indian chemicals business
Huntsman Corp. has entered into a definitive agreement to acquire the chemicals business of Laffans Petrochemicals Ltd. Located in Ankleshwar, India, the Laffans chemicals business manufactures amines and surfactants. The chemicals business has 130 employees and annual sales of approximately $45 million. The acquisition is subject to certain terms and conditions and is expected to occur in the first half of 2011.
"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, president of Huntsman’s performance products division. “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.”
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