Huntsman to Acquire Baroda Division of Metrochem Industries
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The Woodlands, TX, 77380
Press release date: July 2, 2007
BASEL, Switzerland, July 2 / -- Huntsman Corporation today announced that its Textiles Effects business has signed an agreement to acquire the Baroda division of Metrochem Industries Ltd for $46.5 million in cash. The division to be acquired by Huntsman is a textile dyes and intermediates manufacturer based in Baroda, India. The transaction, which is subject to regulatory approvals, is expected to close in January 2008.
"This acquisition further strengthens Huntsman's textiles business and represents another example of Huntsman's ongoing commitment to further growth of its differentiated product lines," said Paul Hulme, President of Huntsman's Materials and Effects division. "After the acquisition of the Textile Effects business from Ciba in June 2006, we announced a restructuring plan for the business that includes an investment plan to optimize our supply chain in Asia, our fastest growing market. We are very pleased to be able to announce this acquisition, which is a major milestone in our growth and geographic strategy."
The Baroda Division of Metrochem, which employs approximately 300 associates, is well-known to Huntsman as a long-term strategic supplier for its Textile Effects business. This acquisition will provide a secure supply of finished products for global markets and intermediates for other Huntsman manufacturing sites globally.
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, aviation, 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 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
Source: Huntsman Corporation
CONTACT: Media, Guy Wolff, +41 61 966 4146
Web site: http://www.huntsman.com/