BRUSSELS, Belgium (Feb. 6) — Huntsman Corp. and Russian polyurethane systems producer NMG have set up a Russia-based joint venture, ZAO Huntsman-NMG.
The unit will make and sell polyurethane systems, targeting high growth markets in adhesives, coatings, elastomers and insulation in Russia and other areas in the former Soviet Union.
No financial terms were disclosed.
Huntsman-NMG will be based at NMG´s existing headquarters in Obninsk, close to Moscow, and managed by General Director Sergey Ovcharov, CEO and founder of NMG. The company has more than 200 employees, manufacturing and distribution facilities in Obninsk and a network of branch offices across the region, as well as in Belarus and the Ukraine.
Tony Hankins, president of Huntsman´s Polyurethanes division, said the joint venture will facilitate his company's access to some of the more specialized polyurethanes markets, including construction, footwear and insulation.