A spokesperson from Huntsman Corporation, the US based chemical major, had stated that Huntsman was on the look out to purchase a speciality chemical manufacturing company in China, from the proceeds it received from the proceedings of an aborted takeover.
To get some more details about the intent of Huntsman Corporation, Fibre2fashion spoke exclusively to Mr Paul Hulme, President, Global Textile Effects Division who said that, “Huntsman Textile Effects (HTE), as part of its agenda, is always on the lookout for consolidation opportunities. China along with other locations are potential targets, although there are no ongoing discussions with companies at this time”.
He continued by saying, “Huntsman is in a strong liquid position following a settlement with banks, and with the right opportunity, these funds could be made available within the Corporation. With our strategic move to Singapore, our overall strategy continues to be driving our business through these recessionary times, while maintaining a strong balance sheet and retaining low debt”.
“Expansion in Asia is a focus for Huntsman Textile Effects, with the anticipated growth of the industry in double digits, as compared to single digit growth in Europe and the US. With innovative products in its fold as well as 'green' initiatives, we look to maintain the importance of Asia and utilise Singapore as a regional hub for its shared services”, he concluded by saying.
Fibre2fashion News Desk - India
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