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Utah's Huntsman Corp. expands in Russia

Published July 6, 2012 8:40 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Huntsman Corp., the worldwide chemicals conglomerate run out of Salt Lake City and The Woodlands, Texas, has acquired the remaining ownership of its Russian joint venture, Huntsman NMG.

The acquisition gives Huntsman full ownership of the company, which is a supplier to the adhesives, coatings and footwear markets in Russia, Ukraine and Belarus. The terms of the transaction were not disclosed.

"The Russian Federation is recognized as an important and fast growing economy, with double digit growth rates predicted for polyurethan products," Anthony P. Hankins, president of Huntsman's polyurethanes division, said in a statement.

He added that the investment will give Huntsman greater access to the high-value coatings, adhesives and elastomers markets through an established, state-of-the-art operations platform.

Huntsman has approximately 12,000 employees and operates multiple locations worldwide. The company reported 2011 revenue of more than $11 billion.

The Salt Lake Tribune