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MUMBAI: NYSE-listed Huntsman Corporation on Wednesday said it has acquired the Baroda division of Metrochem Industries for Rs 240 crore.

“It is an all cash deal. The money has been paid,” Huntsman's textile division President, Mr Paul Hulme said. The US company has acquired the manufacturing facility for the production of intermediates and speciality products for textiles located in Barod a.

“This acquisition is a major milestone in our strategy. With this move we are realigning our manufacturing footprint towards Asia, the region that will fuel our growth in the years to come,” he said.

The Baroda site would be the second larger facility for Huntsman's textile division after Basel in Switzerland.

“This vertical backward integration will significantly strengthen our competitiveness and support our development in Asia,” he said. The company in the next four years would invest USD 20 million in the Baroda facility to develop it, Mr Hulme said.

The company is retaining the management at Baroda facility. On acquisitions, he said, “We are always looking at potential acquisitions in India.” - PTI

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