Huntsman Corporation completes purchase of Indian chemical producer Laffans Petrochemicals Ltd

Huntsman Corporation has completed its acquisition of Indian chemical producer Laffans Petrochemicals Ltd. With the investment, Huntsman has taken over ownership of Laffans’ 60kt ethylene oxide derivatives facility in Ankleshwar, Gujarat. The purpose-built plant produces specialty intermediates for use in agrochemicals, household and personal care products, oil and gas applications and automotive lubricants and brake fluids. The financial details of the transaction were however not disclosed.

Peter R. Huntsman, President and Chief Executive Officer of Huntsman Corporation commented that the acquisition is a continuation of Huntsman Corp’s strategy to build its Asian business. Mr. Huntsman further reiterated that Huntsman looks forward to integrating this business and further expanding its Indian business.

Huntsman Corporation had 2010 fiscal year revenues of more than $9.2 billion. Separately, in 2010 Laffans had revenues in excess of $50 million. News of the Laffans acquisition follows another recent Asian announcement from Huntsman Performance Products outlining a $70 million investment in a capacity expansion program at its polyetheramine plant in Singapore.

Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.

Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has approximately 12,000 employees and operates from multiple locations worldwide.

Laffans Petrochemicals Limited is engaged in the manufacturing of ethylene oxide derivatives, such as ethoxylates, glycol ethers, acetates, ethanol amine and brake fluids. The Company's division includes: manufacturing division, which includes existing manufacturing and marketing of ethylene oxide derivative business operations located at Ankleshwar, Gujarat, and logistic, warehouse and trading division, which includes agency business of various other chemicals, including ethylene oxide, ethylene oxide derivatives.

The Company's product portfolio includes ethoxylates, glycol ethers, glycol ether acetates, agrochemical emulsifiers, phenoxy ethanol, styrenated phenol, brake fluid, tris hydroxy ethyl isocyanurate (THEIC), triethanolamine (TEA), textile chemical, ethanol amines, paint applications and propoxylates. During the fiscal year ended March 31, 2010, the Company had production of 30864.801 metric tons of ethoxylate and glycol ethers/speciality chemicals.

The acquisition gives the US based Huntsman Corp. an increased access to the Indian Petrochemicals market, enhancing its position and market offering. The acquisition comes in the wake of Huntsman’s strategy targeted at acquiring Asian chemical production assets.

4th March 2011