08 July 2013 14:22 [Source: ICIS news]
LONDON (ICIS)--Huntsman has signed a definitive agreement to acquire polyols manufacturer Oxid for an undisclosed sum, the US chemicals producer said on Monday.
The transaction is expected to close during the third quarter and will be immediately accretive to Huntsman's earnings, it said.
"Oxid has an excellent reputation in the market, and the addition of its Terol specialty polyols to our existing [methyl di-p-phenylene isocyanate] product portfolio will strengthen our offer to the key downstream insulation markets in North America and provide new opportunities globally,” said Anthony Hankins, president of Huntsman's polyurethanes (PU) division.
“We see strong market and technology synergies in combining the two businesses and look forward to concluding the deal in the near future," Hankins added.
Oxid, a privately held, Houston-based manufacturer and marketer of specialty urethane polyols, generated $86m (€67m) of revenue in 2012, according to Huntsman.
($1 = €0.78)
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