Huntsman Corporation (NYSE: HUN) announced that it has acquired a 20% stake in Nippon Aqua Co. Ltd. (Nippon Aqua), a spray polyurethane foam (SPF) insulation company based in Yokohama, Japan, and that it has entered into a 10 year supply agreement with the company. The financial terms of the deal were not disclosed.
Nippon Aqua is the SPF market leader in Japan, with business operations in over 30 locations across the country, and is a subsidiary of leading residential home builder Hinokiya Holdings Co. Ltd. Huntsman supplies various advanced MDI-based polyurethanes systems to Nippon Aqua.
Commenting on the deal, Anthony P. Hankins, President of the Polyurethanes division, said: “We are delighted to have the opportunity to invest in Nippon Aqua, who are a pioneer in the Japanese spray polyurethane foam market. Following the regrettable accident at the Fukushima Daiichi nuclear plant in 2011, there’s a great focus on how the country will source its energy needs and a growing demand amongst consumers for more effective insulation. Nippon Aqua is well-positioned to satisfy this demand and we look forward to strengthening our relationship with them to address these important needs.”