KPX Chemical, Huntsman create Korean JV for polyurethane system solutions
South Korean chemicals company KPX Chemical and US-based polyurethanes and specialty chemical manufacturer Huntsman Corporation have created a joint venture (JV) called KPX Huntsman Polyurethanes Automotive (KHPUA).
KHPUA will be engaged in creating and offering polyurethane system solutions to South Korean auto manufacturers from a specialty polyurethanes manufacturing facility at KPX Chemical’s plant in Ulsan, South Korea.
Operations of the new joint venture are anticipated to begin by the end of next month.
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.”
KPX Chemical, Huntsman create Korean JV — KPX Huntsman Polyurethanes Automotive for polyurethane system solutions. Photo courtesy of Huntsman International LLC.
Huntsman Corporation said that the KHPUA joint venture will expedite growth in the Korean automotive industry sector with sustainable innovations and technical service support to its customers.
KPX Chemical will use its vast experience in polyol technology and expertise by combining it with the US firm’s ability to develop high performance, differentiated, methylene diphenyl diisocyanate (MDI) based automotive solutions for automakers and its fully integrated global supply chain.
Tony Hankins — President of Huntsman Corporation Polyurethanes division, who is also Huntsman Asia Pacific CEO, 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 customized 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.”