Tuesday, April 12, 2011

Huntsman Plans Expansion in India

Huntsman Corp. plans to expand and acquire companies in India to keep up with customer demand. The company expects to double revenue from India in the next four to five years. The company will invest $10 million to develop a full-fledged office with research and development facilities and hire around 400-500 people in the next two to three years in India. Last week, Huntsman completed the acquisition of Gujarat-based chemicals manufacturer Laffans Petrochemicals Ltd, its fourth Indian acquisition, extending a technical collaboration with the Indian chemicals maker. Huntsman is expanding capacity to meet demand from clients that have set up factories in India. The company's clients include Procter and Gamble Co. and competitors include BASF SE, Bayer AG and Dow Chemical Co.