THE WOODLANDS, Texas,
Feb. 12, 2015 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) today announced a plan to
reduce its TiO2 capacity approximately 100kt,
representing 13% of Huntsman's European TiO2
capacity. The plan will generate approximately $35 million of annual savings. Having
looked at different options Huntsman proposes to close specific
operations at its Calais, France
site. Huntsman plans to close the 'black end' manufacturing
operations and ancillary activities during 2015. The 'black
end' is responsible for the start of the titanium dioxide
manufacturing process. The 'white end' is used to finish and pack
TiO2 and will remain operational employing up to 100
people on the site.
Peter R. Huntsman, President and
CEO of Huntsman Corporation, commented:
"With the recent deterioration in industry conditions we have
reviewed our manufacturing network in terms of cost and
potential. We are confident that by rationalizing our
capacity we can continue to meet our customer's needs and improve
our competitiveness as we create a market leading Pigments and
Additives business."
This announcement is in addition to the plan announced in
December 2014. Annual cost savings from that plan are
expected to be approximately $130
million and will be achieved by the middle of
2016.
The plan announced today will be negotiated in full consultation
with our employees and appropriate representative groups.
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