Laffans Petrochemicals Ltd has sold its chemical division to US major Huntsman Corporation, the former has stated in a Press release. The deal has come in less than two years, after the two companies signed an agreement to share the expertise in developing specialty chemicals including non-ionic surfactants and amines.
According to Sandeep Seth, MD of Laffans Petrochemicals Ltd, “This is an exciting step in the evolution of Laffans’ chemical business. Huntsman brings wealth, technology and expertise to meet the growing needs of the Indian market, which is necessary to take the business to the next level.” In 2010, the company had earned $53 million in revenues.
Laffans Petrochemicals will continue to be the supply chain partner for Huntsman and will follow up other complementary opportunities in the chemical industry. It will also set up a fatty amine project in Gujarat or Malaysia, which will be fully funded by the company.