Huntsman to purchase Indian chemicals business
Huntsman Corp. said Saturday it has agreed to acquire the chemicals business of India's Laffans Petrochemicals Ltd.
The business has annual sales of about $45 million. Huntsman expects the acquisition to be completed in the first half of 2011 but did not disclose financial terms.
Huntsman, which is based in The Woodlands, Texas, is developing its chemicals business in Asia to capitalize on the region's rapid growth. It recently announced an expansion of its polyetheramine facility in Singapore as part of the strategy. Polyetheramine is a material used in industrial applications, such as fuel additives or construction materials.
If finalized, the acquisition from Laffans will boost Huntsman's sales in India to about $260 million, or 3 percent of total sales.
The Laffans business manufactures amines, which are used in some detergents, automobile waxes and some personal care products, and surfactants, primarily used in detergent and consumer products applications.
Laffans Petrochemicals is based in Ankleshwar, India.