Huntsman Corp. (HUN), an MDI-based polyurethanes and specialty chemical manufacturer, Tuesday announced the establishment of a joint venture with KPX Chemical, a polyols producer for polyurethanes in Korea.
The joint venture or JV is named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD. or KHPUA. The JV will create and provide innovative polyurethane system solutions to Korean automakers from a specialty polyurethanes manufacturing facility at KPX Chemical's Ulsan plant.
The companies expect the JV's operations to commence by the end of October.
Tony Hankins, President of Huntsman's Polyurethanes division and CEO of Huntsman Asia Pacific, said, "Korea is one of Huntsman's key markets in Asia and driving continued business growth in the automotive industry is a priority for us. The new joint venture will create and provide customized polyurethane systems solutions to meet local automotive customers' needs for improved comfort, superior acoustics and light-weighting."
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