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Huntsman Acquires UK Polyurethane Firm
Chemical firm Huntsman Corporation (The Woodlands, Texas) has completed the acquisition of IFS Chemicals Limited, a U.K.-based formulator of polyurethane products, including marine coatings and pipeline protection.
Financial terms of the deal, which Huntsman announced May 1, were not disclosed. IFS (Kings Lynn, England) was founded in 1982 as a supplier to the insulation industry, and later expanded into sectors including the automotive industry and subsea pipelines. It manufactures polyurethane products at a 55,000-square-foot factory in Roydon, Norfolk.
IFS produces coating and insulation systems for field joints for the offshore business, as well as spray-applied insulation for both pipeline applications and architectural and commercial use.
Adding to Polyurethane Business
Huntsman, one of the world’s largest chemical manufacturers, with about $10 billion in sales in 2016, sees the IFS acquisition as a complement to its already-established Polyurethanes business segment.
“The acquisition represents the latest step in our plan to strengthen our differentiated downstream capabilities, and we now have more than 25 facilities worldwide, reflecting our confidence in the long-term growth prospects for MDI-based urethanes,” said Tony Hankins, president of Huntsman’s Polyurethanes division.
“I am delighted that we have reached agreement with Huntsman and look forward—together with the rest of the IFS team—to an exciting future which brings together the best of IFS and Huntsman Polyurethanes, strengthening our ability to meet the growing needs of existing and future customers,” added IFS founder Barrie Colvin.
Huntsman currently operates via five distinct divisions: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives. Its Pigments and Additives business is expected to be spun off into a separate company, Venator Materials Corporation.
