THE WOODLANDS, Texas,
May 1, 2017 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) announced today that it
has completed the acquisition of IFS Chemicals Limited (IFS), one
of the UK's leading independent formulators of methylene diphenyl
diisocyanate (MDI) based systems. The purchase price was not
disclosed.
Located in Kings Lynn, England,
IFS was established more than 35 years ago and its customized MDI
systems are used in a diverse range of end markets, including
insulation, appliances, automotive and elastomeric
applications.
Commenting on the acquisition, Tony
Hankins, President of Huntsman's Polyurethanes division,
said: "With their highly experienced team and loyal customer base,
IFS provides us with excellent access to the UK's growing
downstream MDI systems market. It will serve as a strategic
platform to expand our business and consolidate our position as a
market leader. The acquisition represents the latest step in our
plan to strengthen our differentiated downstream capabilities and
we now have more than 25 facilities worldwide, reflecting our
confidence in the long-term growth prospects for MDI-based
urethanes."
Barrie Colvin IFS founder and Managing Director added, "I am delighted that we have reached
agreement with Huntsman and look forward – together with the rest
of the IFS team - to an exciting future which brings together the
best of IFS and Huntsman
Polyurethanes, strengthening our ability to meet the growing
needs of existing and future customers."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2016 revenues of approximately $10
billion. Our chemical products number in the thousands
and are sold worldwide to manufacturers serving a broad and diverse
range of consumer and industrial end markets. We operate more than
100 manufacturing and R&D facilities in approximately 30
countries and employ approximately 15,000 associates within our 5
distinct business divisions including the Pigments and Additives
division that we intend to IPO or spin-off as Venator Materials
Corporation. For more information about Huntsman, please visit the
company's website at www.huntsman.com.
Social Media:
Twitter:
twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn:
www.linkedin.com/company/huntsman
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, volatile global economic conditions,
cyclical and volatile product markets, disruptions in production at
manufacturing facilities, reorganization or restructuring of
Huntsman's operations, including any delay of, or other negative
developments affecting, the spin-off of Venator Materials
Corporation, the ability to implement cost reductions and
manufacturing optimization improvements in Huntsman businesses and
realize anticipated cost savings, and other financial, economic,
competitive, environmental, political, legal, regulatory and
technological factors. The company assumes no obligation to
provide revisions to any forward-looking statements should
circumstances change, except as otherwise required by applicable
laws.
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SOURCE Huntsman Corporation