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Huntsman Corp. Acquires Chemical Business of Laffans Petrochemicals
Posted: April 7, 2011
Huntsman Corp. has acquired the chemical business of Laffans Petrochemicals Ltd., taking ownership of the manufacturer’s 60kt ethylene oxide derivatives facility in Ankleshwar, Gujarat, which produces specialty intermediates for use in personal care products, among other markets. Financial details were not disclosed.
The chemicals business of Laffans will become an integral part of Huntsman Performance Products, giving the division its first dedicated production plant in India. Huntsman Corp. 2010 revenues were US $9.2 billion, of which approximately 3% were in India.
The deal comes less than two years after Huntsman signed a collaboration agreement with Laffans to share know-how, expertise and resources in the development and production of specialty chemicals, including glycol ethers, nonionic surfactants and amines.
“Integrating the Laffans chemicals team into the performance products division will help the business meet demand for specialty intermediates as interest intensifies across Asia,” commented Steve Stilliard, vice president of the performance products division in Asia-Pacific. He added, “It will increase the level of support the company can offer existing customers and open up new and exciting product development opportunities with global corporations looking to grow their manufacturing footprint across the Indian sub-continent.”
Currently around 150 people work at the Laffans plant in Ankleshwar, Gujarat. Some 20 people employed at a dedicated commercial office in Mumbai and regional sales sites in Ahmedabad, Kolkatta and New Delhi, will also join Huntsman. News of the Laffans acquisition follows another recent Asian announcement from Huntsman Performance Products outlining a US $70 million investment in a capacity expansion program at its polyetheramine plant in Singapore.