Huntsman completes IFS acquisition
Huntsman has completed the acquisition of IFS Chemicals (IFS), a UK-based independent formulator of methylene diphenyl diisocyanate (MDI) systems.
The consideration of this acquisition has not been released by the company.
Formed in 1982, IFS is a speciality chemicals business that offers bespoke polyurethane chemicals to a wide variety of industries.
Huntsman Polyurethanes division president Tony Hankins said: “With their highly experienced team and loyal customer base, IFS provides us with excellent access to the UK’s growing downstream MDI systems market.
“It will serve as a strategic platform to expand our business and consolidate our position as a market leader.
“The acquisition represents the latest step in our plan to strengthen our differentiated downstream capabilities and we now have more than 25 facilities worldwide, reflecting our confidence in the long-term growth prospects for MDI-based urethanes.”
The customised MDI systems developed by IFS are used in multiple end markets which include insulation, appliances, automotive and elastomeric applications.
IFS founder and managing director Barrie Colvin said: “I am delighted that we have reached agreement with Huntsman and look forward, together with the rest of the IFS team, to an exciting future, which brings together the best of IFS and Huntsman Polyurethanes, strengthening our ability to meet the growing needs of existing and future customers.”
Huntsman specialises in manufacturing and marketing differentiated chemicals that are delivered to diverse consumer and industrial markets.
Last year, the company reported revenue of $10bn.
It operates more than 100 manufacturing and R&D facilities across 30 countries.