THE WOODLANDS, Texas,
Dec. 1, 2014 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) 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, commented:
"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."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2013 revenues of approximately $13
billion including the acquisition of Rockwood's performance additives and
TiO2 businesses. Our chemical products number in the
thousands and are sold worldwide to manufacturers serving a broad
and diverse range of consumer and industrial end markets. We
operate more than 100 manufacturing and R&D facilities in more
than 30 countries and employ approximately 15,000 associates within
our 5 distinct business divisions. For more information about
Huntsman, please visit the company's website at
www.huntsman.com .
Social Media:
Twitter:
twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Statements in this
release that are not historical are forward-looking statements.
These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are
subject to uncertainty and changes in circumstances and involve
risks and uncertainties that may affect the company's operations,
markets, products, services, prices and other factors as discussed
in the Huntsman companies' filings with the U.S. Securities and
Exchange Commission. Significant risks and uncertainties may relate
to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological
factors. The company assumes no obligation to provide
revisions to any forward-looking statements should circumstances
change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation