Huntsman: Joint venture with KPX Chemical in Korea
On 28 September 2021, the Korean polyols producer KPX Chemical and Huntsman Corporation, a leading MDI-based polyurethanes and speciality chemical manufacturer, announced the establishment of a joint venture named KPX Huntsman Polyurethanes Automotive Co., Ltd. (KHPUA). The joint venture will create and provide PU system solutions to Korean automakers from a speciality polyurethanes manufacturing facility at KPX Chemical's Ulsan plant. Operations are expected to commence by the end of October 2021.
According to the companies, the Korean automotive industry is undergoing profound changes and presents new opportunities for high performance and light weight polyurethane system solutions. The joint venture will accelerate growth in this sector by providing sustainable innovations and a high level of technical service support to its customers. KPX Chemical will leverage its 47-years' experience in polyol technology and know-how by combining it with Huntsman's ability to develop MDI-based automotive solutions for vehicle manufacturers and its fully integrated global supply chain.
Tony Hankins, President of Huntsman's Polyurethanes division and CEO of Huntsman Asia Pacific, said: "We are delighted to join forces with KPX Chemical. 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 customised polyurethane systems solutions to meet local automotive customers' needs for improved comfort, superior acoustics and light-weighting. By creating value for its customers, KHPUA will enable downstream polyurethanes businesses to develop in a more sustainable way, both economically and environmentally."
Kim Moon-young, President of KPX Chemical, said: "This cooperation is of great strategic significance to both parties. Together, under the banner of KHPUA, we will leverage the R&D and capacity advantages of KPX Chemical and Huntsman in the region to become the industry's preferred innovation partner. It is an exciting time to be creating a new venture and we look forward to working with key players in the region to meet growing demand for autonomous vehicles and electric transport solutions that can support the country's carbon neutrality ambitions."
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