Vadodara: NYSE-listed Huntsman Corporation has chalked out a five-year investment plan of $20 million after the acquisition of the Vadodara division of Metrochem Industries for Rs240 crore.
“The purpose behind the acquisition of this division is to propel the textile effects business in India within three years time apart from realigning the manufacturing footprints towards Asia,” Huntsman textile division president Paul Hulme told the agency.
The company would invest $20 million in the Baroda facility to develop it in the next five years, he said adding it is retaining the management of the city-based facility.
The Vadodara site is the second largest facility for Huntsman’s textile division after Basel in Switzerland.
The unit has a modern three lakh square meter manufacturing facility for semi-speciality dyes and intermediates with a headcount of 700.
A manufacturing facility for the production of intermediates and speciality products for textiles is located at Umraya village in the district.
Huntsman textile creates, markets and manufactures a broad range of chemical and dye products that enhance the performance properties and colors of finished textiles and materials, Hulme said.
The company’s textile effects division has about 3500 employees and operates nine primary manufacturing facilities in Switzerland, Germany, USA, Mexico, China and India and its headquarter is in Singapore, Hulme said.
The Vadodara division unit has capacity to meet the requirements of domestic markets in the country and other Asian countries, Rohit Agarwal, vice president, textile effect said.
The textile effects business has become more interesting and challenging, he added.