Huntsman acquires Laffans Petrochemicals
Huntsman India has its facilities at Navi Mumbai and has been having a technical collaboration with Laffans for the past two years
Mumbai: The American chemicals major Huntsman Corporation on Sunday said it has taken over Gujarat-based chemicals producer Laffans Petrochemicals, and has also taken the ownership of the company’s 60 kilo tonne ethylene oxide derivatives facility at Ankleshwar.
Though Laffans is a BSE-listed company, and the acquirer Huntsman is traded on the NYSE, both the parties did not reveal the financial details of the deal.
The $9-billion Woodlands, Texas-based Huntsman is a global manufacturer and marketer of differentiated chemicals to industries such as chemicals, plastics, automotive, aviation among others.
Huntsman India has its facilities at Navi Mumbai and has been having a technical collaboration with Laffans for the past two years. India contributes to a little over 3% of its global revenue of $9.2 billion in 2010.
Laffans set up in 1994 to manufacture ethylene oxide derivatives had revenues in excess of $50 million in 2010.
The Ankleshwar plant was set up under technical assistance from Reliance Industries and is in proximity to the Hazira plant of Reliance. The unit operates the largest loop reactor in the country and its glycol ethers and acetates unit has a capacity of 30,000 tonne per annum.
The Ankleshwar plant of Laffans produces speciality intermediates for use in agrochemicals, household and personal care products, oil and gas applications and automotive lubricants and brake fluids.
Post-deal, the chemicals business of Laffans becomes an integral part of Huntsman Performance Products, giving the division its first dedicated production plant in the country, Huntsman said in a release.
Source: - Press trust of India
