Huntsman Corporation ( HUN - Snapshot Report ) has completed the acquisition of the remaining stake of Huntsman NMG, its Russian polyurethanes joint venture with NMG, the manufacturer of polyurethanes in Russia and other areas of former Soviet Union. The financial terms of the deal were not disclosed.

With the acquisition of the residual stake, Huntsman became the sole owner of the company Huntsman NMG. Thus, Huntsman NMG will get the opportunity to gain greater access to the Russian market in the arena of high value coatings, adhesives and elastomers.

Back in 2007, Huntsman and NMG formed the joint venture called ZAO Huntsman NMG. The two leading companies partnered to manufacture and sell polyurethane systems to the adhesives, coatings, elastomers and insulation markets in Russia and other areas of the former Soviet Union.

The acquisition is in line with Huntsman’s global growth strategy to build strong positions in rapidly developing markets. Moreover, the acquisition provides Huntsman with access to some of the more specialized polyurethanes markets.

During the first-quarter 2012, Huntsman reported adjusted earnings of 74 cents per share, surpassing the Zacks Consensus Estimate of 40 cents and 45 cents in the year-ago quarter. Revenues improved 9% year-over-year to $2.91 billion, beating the Zacks Consensus Estimate of $2.83 billion.

The improvement in the topline mainly stemmed from the growth in revenues in the Polyurethanes segment. Revenues in the segment increased 17% year-over-year, driven by higher average selling prices coupled with sales volumes.

Huntsman is a global manufacturer and marketer of differentiated chemicals. The company operates from multiple locations across the world and its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.

Huntsman competes with companies like The Dow Chemical Company ( DOW - Analyst Report ) . The stock retains a short-term Zacks #3 (Hold) Rank. We have a long-term Neutral recommendation on Huntsman.