Huntsman Corporation [NYSE: HUN] has disclosed that it has joined forces with KPX Chemical to launch a joint venture (JV) in Korea. The joint venture will be named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD. (KHPUA). The Korean automotive industry is witnessing deep changes and deliver new opportunities for high-performance and lightweight polyurethane system solutions.
The main aim of the joint venture is to build and deliver advanced polyurethane system solutions to Korean automakers from a specialty polyurethane manufacturing facility at KPX Chemical’s Ulsan plant. Operations are likely to begin by the end of October. In addition, the new JV will speed up growth in the automotive industry sector by offering sustainable innovations and a high level of technical service assistance to its clients.
Furthermore, as per the collaboration of HUN and KPX, KPX Chemical will utilize its 47-years’ experience in polyol technology and knowledge by integrating it with Huntsman’s successful ability to develop high performance, distinguished, MDI-based automotive solutions for vehicle manufacturers and its fully consolidated global supply chain.
HUN contemplates that the new JV will make and offer tailored polyurethane systems solutions to fulfill the requirements of local automotive clients for more comfort, higher acoustics, and light-weighting. Moreover, KHPUA will allow downstream polyurethanes businesses to develop in a more sustainable way, both cheaply and ecologically.
This collaboration is beneficial for both the firms as under the banner of KHPUA, KPX will utilize the R&D and capacity benefits of KPX Chemical and Huntsman in the region to become the industry’s favored innovation partner. Both the firms will strive together to fulfill the increasing demand for autonomous vehicles and electric transport solutions that can strengthen the country’s carbon neutrality goals.