Huntsman Textile Effects, a division of Basel-based Huntsman Corporation has acquired the Vadodara division of Metrochem Industries, a textile intermediates and specialty products manufacturing company.
With an employee strength of over 700, the division runs a manufacturing facility with annual sales of approximately Rs 240 crore.
“This acquisition is a major milestone in our strategy. With this move we are realigning our manufacturing footprint towards Asia, the region that will fuel our growth in the years to come,” said Paul Hulme, president of Huntsman Textile Effects.
Huntsman TE is a global provider of high-quality dyes and chemicals to the textile and related industries.
After its Basel plant in Switzerland, the newly acquired Vadodara manufacturing unit now be its second largest plan with a potential for further expansion, especially in the fields of specialty dyes and key intermediates needed for the production of dyes, he added.
