Huntsman Corporation announced yesterday it is selling off its chemical intermediates and surfactants businesses in a $2 billion deal that includes Indorama Ventures buying Huntsman facilities in Dayton, Port Neches, and Chocolate Bayou, Texas, Ankleshwar, India, and Botany, Australia.
Assuming all regulatory hurdles are cleared, the sale should close before the end of the year.
Huntsman Performance Products in Dayton employs around 50 people on its 200-acre site producing chemicals for use in the pulp and paper, de-inking, mining, agricultural, fuel, surfactant and oilfield industries.
Indorama Ventures is a Thailand company launched in 1994 as a manufacturer of worsted wool yarns. It entered the petrochemical industry the following year making resins and started producing polyester fiber in 1997. Indorama acquired StarPet in the U.S. in 2003.
It now has operations in 31 countries worldwide. The April issue of its company magazine, “The Beacon,” touts Indorama’s recent acquisitions of M&G Fibras Brasil in Cabo de Santo Agostinho, Brazil, and INVISTA Resins & Fibers, based in Gersthofen, Germany.
Indorama Ventures is led by Group CEO Aloke Lohia, and its petrochemical and feedstock business is led by CEO Dilip Kumar Agarwal.
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