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Huntsman buys chemicals business of Laffans Petrochemicals
11
Apr '11
Huntsman Corporation announced that it has completed its acquisition of Indian chemical producer Laffans Petrochemicals Ltd., and has taken ownership of the manufacturer's 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. Financial details were not disclosed.

Huntsman Corporation 2010 revenues were $9.2 billion. 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.

Commenting on the acquisition, Peter R. Huntsman, President and Chief Executive Officer of Huntsman Corporation, said “This acquisition is a continuation of our strategy to build our Asian business. We look forward to integrating this business and further expanding our Indian business".

Laffans Petrochemicals Limited set up in 1994 to manufacture ethylene oxide derivatives such as Ethoxylates, Glycol Ethers, Acetates, Triethonal-amine, and Brake fluids is located in Ankleshwar, Gujarat.The company entered into collaboration with global leader chemicals for manufacturing of ethylene oxide derivatives under huntsman brand and technology. Laffans is the single largest buyer of Ethylene Oxide in India. Its revenues are in excess of USD 50 million.

Huntsman Corporation

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