Huntsman Corporation has completed the acquisition of IFS Chemicals Limited (IFS), an independent formulators of methylene diphenyl diisocyanate (MDI) based systems in the UK. The purchase price was not disclosed.
Located in Kings Lynn, England, IFS was established more than 35 years ago and its customized MDI systems are used in a diverse range of end markets, including insulation, appliances, automotive and elastomeric applications.
Commenting on the acquisition, Tony Hankins, President of Huntsman's Polyurethanes division, 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."
Barrie Colvin IFS founder and Managing Director added, "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."