1 December 2014
ABOUT HUNTSMAN PIGMENTS BUSINESS
DETAILS
announced today that it is taking significant action
to improve the global competitiveness of
its pigments and additives business.
As part of a comprehensive restructuring program,
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.
Peter R. Huntsman,
President and CEO of Huntsman Corporation
“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.
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."
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