Huntsman Corporation (NYSE: HUN) and Laffans Petrochemicals Ltd. (Mumbai, India) today announced they have signed a Letter of Intent pursuant to which the companies intend to finalize a collaboration agreement to share know-how, expertise and resources for specialty chemicals.
The parties intend to leverage each other's capabilities and resources for surfactants and amines manufacturing in India. Laffans' responsibilities would include manufacturing and raw material sourcing, while Huntsman's contribution would include commercial infrastructure, branding, product range, global approvals, technology and manufacturing processes.
"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. We expect this collaboration to be a significant step in our strategy to further expand our presence in the critical Asia Pacific region and to build support for our key global customers as they grow in India," said Steve Stilliard, Vice President of Huntsman's Performance Products division in Asia Pacific.
He added, "The planned technology transfer will include specialty nonionic surfactants, glycol ethers and amines for a wide range of markets, including Agrochemicals, Household, Personal Care, Oil & Gas and Automotive Brake Fluids."
"Laffans is very pleased to work with Huntsman, with its global experience in surfactant and amine technologies and markets, and we look forward to strengthening and consolidating this relationship in the future." said Sandeep Seth, Managing Director of Laffans Petrochemical Ltd.