Huntsman acquires India’s Laffans Petrochemicals

04 April 2011 10:20  [Source: ICIS news]

LONDON (ICIS)--Huntsman has completed its acquisition of India-based Laffans Petrochemicals, taking ownership of the company's 60,000 tonne/year ethylene oxide derivatives facility at Ankleshwar, in India's Gujarat state, the US chemical producer announced over the weekend.

"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," said Hunstman president and CEO Peter Huntsman.

The two companies did not reveal financial details of the transaction.

Huntsman agreed to buy Laffans Petrochemicals in August 2010.

Laffans manufactures ethylene oxide derivatives such as ethoxylates, glycol ethers, acetates, triethonalamine (TEA) and brake fluids.

In February, Huntsman said it would expand its polyetheramine capacity in Singapore by 40,000 tonnes/year. The expansion will cost $70m (€49m), with planned completion in mid-2013.

($1 = €0.70)

For more on Huntsman visit ICIS company intelligence

By: Tanzeel Akhtar
+44 208 652 3214

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