A specialist chemicals producer in Norfolk has been bought by New York Stock Exchange-listed company Huntsman Corporation.

IFS Chemicals, which manufactures polyurethane products like insulation and mouldings, was snapped up by the global chemicals producer and marketer for an undisclosed sum.

The company, based in Roydon near King's Lynn, specialises in making methylene diphenyl diisocyanate (MDI) based systems which are used in insulation, automotive, marine and elastomeric applications.

Barrie Colvin, IFS founder and managing director, said: 'I am delighted that we have reached agreement with Huntsman and look forward – together with the rest of the IFS team – to an exciting future which brings together the best of IFS and Huntsman Polyurethanes, strengthening our ability to meet the growing needs of existing and future customers.'

President of Huntsman's polyurethanes division, Tony Hankins, said: 'With their highly experienced team and loyal customer base, IFS provides us with excellent access to the UK's growing downstream MDI systems market. It will serve as a strategic platform to expand our business and consolidate our position as a market leader.

'The acquisition represents the latest step in our plan to strengthen our differentiated downstream capabilities and we now have more than 25 facilities worldwide, reflecting our confidence in the long-term growth prospects for MDI-based urethanes.'