The global specialty chemical products manufacturer and marketer Huntsman on Nov 20 became the first multinational company to establish its regional Asia-Pacific headquarters in Minhang district, Shanghai.

Founded in 1970, Huntsman is a global giant in specialty chemicals manufacturing and marketing. Its annual revenue and total assets both exceed $10 billion. Huntsman occupies leading positions in many product categories in the world, especially the featured product diphenylmethane diisocyanate (MDI).

As the first global polyurethane giant to enter China, Huntsman has invested more than 15 billion yuan ($2.13 billion) in the country in the past almost 30 years. Pan Lyumin, chief executive officer of Huntsman's polyurethane division in the Asia-Pacific region, said that setting up the regional headquarters in Shanghai will further strengthen the Chinese market's important position in Huntsman's global strategic development.

In August 2019, the Shanghai municipal government released policies on attracting such regional headquarters as part of its strategy to develop a headquarters economy.

Huntsman's new headquarters in Shanghai will manage the company's subsidiaries in China, including but not limited to decision making on investment and management, capital operation and financial management, research and development (R&D) and technological support. The management-type headquarters will upgrade into an investment-type headquarters through gradually integrating and expanding the existing equity and investment methods in the Chinese mainland, contributing to Minhang's tax revenue.

Huntsman currently has four divisions: polyurethane, functional products, advanced materials and textile dyeing chemicals. It runs more than 75 agencies in regards of manufacturing, R&D and operation in more than 30 countries and regions. By virtue of its advantages in innovative materials, technologies, application and industry experience, Huntsman has tailored four innovation solutions for sustainable development involving thermal insulation, automobiles, composite boards and environmentally-friendly solvent-free materials.