Huntsman Corporation has entered into a definitive agreement to acquire the chemicals business of Laffans Petrochemicals.
Huntsman Corporation has entered into a definitive agreement to acquire the chemicals business of Laffans Petrochemicals Ltd. Located in Ankleshwar, India the Laffans chemicals business manufactures amines and surfactants. The chemicals business has 130 employees and annual sales of approximately $45 million. The acquisition is expected to close in the first half of 2011. The Laffans chemicals business will be integrated into Huntsman's Performance Products division. "In addition to the recently announced expansion of our polyetheramine facility in Singapore, the acquisition of this business is strategically important as we look to meet the rapid growth in demand for other amines within Asia," said Daniele Ferrari, president of the Performance Products Division. "This acquisition will bring total annual Huntsman Corporation sales in India to approximately $260 million or three percent of total sales."