HARTFORD, Conn. (AP) -- Chemicals maker Huntsman Corp. said Monday night that it acquired an Indian textile manufacturer, strengthening its footprint in Asia.
"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's textile-effects division.
The Baroda Division of Metrochem Industries in Baroda, India, which makes textile intermediates and specialty products, employs more than 700 workers and contractors. It has annual sales of about $49.3 million.
The Baroda site is the second largest in the textile-effects division of Salt Lake City-based Huntsman and has the potential for expansion, particularly for specialty dyes and intermediates needed to produce dyes in India and at other plants, it said.
Shares of Huntsman edged down 16 cents, to $5.85 in morning trading.