Huntsman cut 900 jobs in pigments, additives sector

Huntsman to cut 900 jobs in pigments, additives sector

11:41 AM, 2nd December 2014
Huntsman to cut 900 jobs in pigments, additives sector

THE WOODLANDS, US: Huntsman Corporation announced that it is taking significant action to improve the global competitiveness of its pigments and additives business.  As part of a comprehensive restructuring programme, Huntsman plans to reduce its workforce by approximately 900 positions. Annual cost savings are expected to be approximately $130 million and will be achieved by the middle of 2016. Separately, Huntsman is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business.

“We are in the process of creating a global market leading pigments and additives business with superior technology and cost competitive manufacturing. With the inclusion of the recently acquired Rockwood pigments and additives businesses we have the broadest product offering of specialized pigments in the industry. This restructuring will improve the competitiveness of our global pigments and additives business and allow us to compete more aggressively,” said Peter R Huntsman, President and CEO, Huntsman Corporation.

“This is not the first time we’ve made significant efforts to restructure. Recently, we successfully completed major restructuring in our Advanced Materials and Textile Effects divisions, the annual benefits of which were approximately $150 million. We will leverage the learning and know-how from these efforts to deliver approximately $130 million of cost savings in our Pigments and Additives division. We will carry out these efforts in-line with local procedures and by working with relevant associate representative groups. We are also taking steps that will lead to a successful future initial public offering of our Pigments and Additives division,” added Peter Huntsman.

 

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