NYSE-listed Huntsman Corporation and Mumbai-based chemicals company Laffans Petrochemicals Ltd have entered into a partnership to share know-how, expertise and resources for specialty chemicals like surfactants and amines. The two companies have signed a letter of intent and intend to finalise a collaboration agreement soon to take the partnership forward.
The partnership will leverage capabilities and resources from both side for manufacturing of surfactants and amines in the country. ?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,? said Steve Stilliard, vice president, performance products division, Asia Pacific, Huntsman.
Stilliard added that this collaboration would be a significant step in their strategy to further expand their presence in the critical Asia-Pacific region and to build support for key global customers as they grow in India. While Laffans will be involved in manufacturing and raw material sourcing of the chemicals, Huntsman would be involved in commercial infrastructure, branding, product range and global approvals along with providing its expertise in technology and manufacturing processes.
?The planned technology transfer will include specialty non-ionic surfactants, glycol ethers and amines for a wide range of markets, including agrochemicals, household, personal care, oil and gas and automotive brake fluids,? said Stilliard. Talking about the partnership, Sandeep Seth, managing director, Laffans Petrochemical Ltd said, ?Laffans is very pleased to work with Huntsman, which has a global experience in surfactant and amine technologies and markets. We look forward to strengthening and consolidating this relationship in the future?.
With a turnover over $10 billion in 2008, Huntsman is a global manufacturer and marketer of differentiated chemicals with an employee base of 12,000 employees. On the other hand, 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. The company?s present turnover is around $50 million.