The Woodlands, TX – Huntsman Corporation (NYSE: HUN) and Laffans Petrochemicals Ltd. (Mumbai, India) today announced they have signed a Letter of Intent pursuant to which the companies intend to finalize a collaboration agreement to share know-how, expertise and resources for specialty chemicals.
The parties intend to leverage each other’s capabilities and resources for surfactants and amines manufacturing in India. Laffans’ responsibilities would include manufacturing and raw material sourcing, while Huntsman’s contribution would include commercial infrastructure, branding, product range, global approvals, technology and manufacturing processes.
“We are delighted, after several months of fruitful discussions, to have reached this stage of agreement with an established and reputable local manufacturer in the Indian market. We expect this collaboration to be a significant step in our strategy to further expand our presence in the critical Asia Pacific region and to build support for our key global customers as they grow in India,” said Steve Stilliard, Vice President of Huntsman’s Performance Products division in Asia Pacific.
He added, “The planned technology transfer will include specialty nonionic surfactants, glycol ethers and amines for a wide range of markets, including Agrochemicals, Household, Personal Care, Oil & Gas and Automotive Brake Fluids.”
“Laffans is very pleased to work with Huntsman, with its global experience in surfactant and amine technologies and markets, and we look forward to strengthening and consolidating this relationship in the future.” said Sandeep Seth, Managing Director of Laffans Petrochemical Ltd.
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, avia
tion, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues exceeding $10 billion. For more information about Huntsman, please visit the company’s website at www.huntsman.com
About Laffans Petrochemicals Ltd.:
Laffans was set up in 1994 under guidance & supply arrangement of its main raw material ie Ethylene oxide from Reliance Industries Ltd. to manufacture Ethylene oxide derivatives at Panoli, Gujarat. Laffans produces a wide range of Ethylene oxide down stream products in India, manufacturing Glycol Ethers and its Acetates, Ethanol Amines, Phenoxyethanol, Theic, Brake fluids and Speciality Ethoxylates. Its present revenues are in excess of USD 50 million and it is a market leader in many of its product lines.
Forward Looking Statements:
Statements in this release that are not historical are forward-looking statements. These statements are based on management’s current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company’s operations, markets, products, services, prices and other factors as discussed in the Huntsman companies’ filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transaction
s described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company’s expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
Wai Lin Tan, tel.: +6 012 200 9649
Kurt Ogden, tel.: +1 801 584 5959