THE WOODLANDS, Texas—Huntsman Corp. completed the acquisition of IFS Chemicals Ltd., an independent formulator of methylene diphenyl diisocyanate based systems, for an undisclosed purchase price.
"With their highly experienced team and loyal customer base, IFS provides us with excellent access to the United Kingdom's growing downstream MDI systems market," Tony Hankins, president of Huntsman's polyurethanes division, said in a statement. "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 a plan to strengthen differentiated downstream capabilities, with more than 25 facilities worldwide, Hankins 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," Barrie Colvin, IFS founder and managing director, said in a statement.
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.
Huntsman Corp. is a publicly traded global manufacturer and marketer of differentiated chemicals with 2016 revenues of approximately $10 billion. Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets.