Wilmar to buy Huntsman's European commodity surfactants business
This follows, Huntsman's October 2013 announcement to improve its annual EBITDA by $20 million by exiting a number of commodity surfactant product lines and focusing on differentiated surfactants businesses
BS B2B Bureau B2B Connect | The Woodlands, Texas and Singapore
Under the terms of agreement, Huntsman plans to sell to Wilmar its ethoxylation facility in Lavera, France. In addition, Wilmar will enter into a multi-year arrangement to purchase sulphated surfactant products from Huntsman's facilities in St. Mihiel, France and Castiglione delle Stiviere, Italy.
Separately, Huntsman has also announced its intention to cease production by October 2014 at its Patrica, Italy commodity surfactants facility.
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Peter Huntsman, President and CEO, Huntsman Corporation, said, “This restructuring and portfolio repositioning will benefit our Performance Products division in Europe and preserve jobs that otherwise would have been lost. The sale and offtake agreement with Wilmar will further cement the already strong relationship between our two companies. We plan to work closely together with Wilmar to ensure a smooth and seamless transition for customers and other stakeholders.”
Kuok Khoon Hong, Chairman and CEO, Wilmar International Limited, said, “We are very pleased with this agreement with Huntsman, which enables Wilmar to broaden its existing footprint in Europe and extend its integrated chain to better serve customers in all geographies with responsible and quality products. The ongoing and successful relationship between our two companies will serve us both very well in our respective growth strategies.”
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First Published: Apr 10 2014 | 6:29 PM IST