EVERBERG, Belgium (Jan. 3, 2012)—Huntsman Corp. has bought Istanbul, Turkey-based EMA Kimya Sistemleri Sanayi ve Ticaret A.S., a polyurethanes systems house that formulates materials using MDI.
EMA will become part of Huntsman's Polyurethanes division and will be known as Huntsman-EMA.
Huntsman said EMAs' two major shareholders, Gulum Kabil and Engin Tataroglu, will continue to manage the business operations of the new venture.
EMA built its plant in 2006 to blend formulations for Turkey's fast-growing MDI systems market, according to Huntsman. The facility can blend, make polyester polyols and has bulk storage for MDI and base polyols.
Huntsman did not reveal financial details of the purchase.
Nick Webster, vice president of Huntsman Polyurethanes, said Turkey's MDI systems market grew at 13-15 percent in 2010, one of the highest rates in the world, and he picked out “strong opportunities” in the rigids systems market as well as the potential to “boost sales capabilities in expanding regional insulation, automotive, adhesives, coatings, elastomers and furniture industries.”