Huntsman, a manufacturer and marketer of differentiated chemicals, has completed the acquisition of the business of Oxid, for about $75m.
Oxid manufactures and markets specialty urethane polyols under the trademark Terol, and distributes products globally from its manufacturing located in Houston.
The company’s polyols are a key component in the production of energy saving polyurethane insulation, which will be used in residential and commercial construction.
Huntsman Polyurethanes division president Anthony P. Hankins said that the company has increased downstream capabilities with the acquisition and establishment of new systems houses in Turkey, Russia and Indonesia in the past 18 months.
"These investments reflect our confidence in the long-term growth prospects for MDI-based urethanes and the addition of Oxid’s highly experienced team to our Polyurethanes business will significantly strengthen our offer to the key downstream insulation markets both in North America and globally," Hankins added.