Huntsman Takes Majority Share in Saudi Polyurethanes Joint Venture
Huntsman Corporation (NYSE: HUN) and Basic Chemical Industries Limited (BCI) today announced they have signed an agreement to transfer majority ownership in the two companies’ existing Arabian Polyol Company (APC) joint venture in Saudi Arabia from BCI to Huntsman. Financial arrangements were not disclosed.
The joint venture manufactures and sells MDI-based polyurethane systems in the Gulf countries and will be re-named Huntsman APC.
“This increase in our shareholding demonstrates Huntsman’s determination to bring new investment to emerging markets,” said Nick Webster, Vice President of Huntsman’s Polyurethanes division in Europe and the Middle East. “Construction in the Gulf countries continues to grow at about 15% per year and BCI’s local skills and leadership in chemicals will continue to be invaluable to us as we further develop and innovate in this important market,” he added.
“Our joint venture with Huntsman, a world leader in MDI-based polyurethanes, has operated very successfully for more than 20 years and we warmly welcome this demonstration of Huntsman’s accelerated commitment to growth opportunities in the Gulf region,” said Mike Layous, Managing Director of BCI.
Huntsman APC will be based at the existing Dammam site on Saudi Arabia’s east coast, supported by a Huntsman sales office in Dubai.
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.
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