Chemicals manufacturer Huntsman Corporation has opened a multi-purpose facility in Vietnam where it will manufacture formulated systems for footwear and automotive markets.
The move is the firm’s first manufacturing expansion investment outside of China for its business in Asia Pacific, and will see the new facility house Huntsman’s Polyurethanes and Advanced Materials businesses. It comprises manufacturing, R&D capabilities, a technical service center, warehouse and distribution space, and a commercial office.
“Vietnam is one of the largest and fastest growing countries ins Asia Pacific. For Polyurethanes, we’ve seen double-digit growth rates for a sustained period and fully expect this to continue,” says Tony Hankins, Huntsman’s CEO of Asia Pacific and President of the Polyurethanes business. “At the new site, we’ll manufacture formulated systems for the footwear and automotive markets; rigid insulation foam used in construction and cold chain applications; and simulated wood for the furniture market. These products will be consumed primarily in Vietnam.” He added that the facility will enable Huntsman to collaborate more effectively with Vietnamese customers, and will also strengthen the firm’s strategy of globalizing downstream bolt-on acquisitions.
Scott Wright, President of Huntsman’s Advanced Materials business added: “This is the first manufacturing expansion investment outside China for our business in Asia Pacific and we see many opportunities in Vietnam to support large-scale infrastructure and construction projects in one of the
fastest growing economies in the region. The new plant will give us the capability to efficiently supply customers across the ASEAN region with high quality electrical insulation, coatings and adhesive solutions that will ensure these ambitious project s are implemented successfully.”
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