Huntsman Textile Effects Business Adopts Bold New Structure
December 02 2008 - 8:30AM
PR Newswire (US)
Comprehensive plan targets annual savings approaching $60 million
BASEL, Switzerland, Dec. 2 /PRNewswire-FirstCall/ -- Paul Hulme,
President of the Materials & Effects division of Huntsman
Corporation (NYSE:HUN), announced today that the company has
completed a comprehensive review of the strategy for its global
Textile Effects (TE) business. As a result, the Textile Effects
business will move to implement a new structure that will see its
operations expand significantly in Asia and consolidate in the
Americas and in Europe as it transitions from a regional to a
global, market-focused organization. The company has targeted
approximately $60 million in annual savings when all phases of the
restructuring are fully completed. Mr. Hulme said: "Upon acquiring
this business, we rapidly rationalized its complex global
manufacturing footprint and then moved to review its product
portfolio and business structure. We are now prepared to move to a
stage where the business can show its real potential as we focus on
products and markets where we see opportunity to win now and in the
long run." The streamlined Textile Effects business will be
comprised of two global strategic business units: Apparel &
Home Textiles and Specialty Textiles, which together will focus on
nine growth market segments. All business and support functions
will be aligned to this new structure. Peter Huntsman, President
and CEO of Huntsman Corporation, commented: "We firmly believe in
our textile chemicals and dyes business. As we previously achieved
during the highly successful restructuring of our Advanced
Materials business following its acquisition by Huntsman, our goal
for TE is to reach a world-class cost position and become a truly
market focused organization. This comprehensive change will
contribute significantly to maintaining our leadership position in
the textile chemicals and dyes market." About Textile Effects
Huntsman's Textile Effects is the leading global provider of
high-quality dyes and chemicals to the textile and related
industries, manufacturing a broad range of dye and chemical
products that enhance the colour of finished textiles and improve
performance characteristics, such as wrinkle resistance, lasting
freshness and the ability to repel water and stains. The business
currently serves over 4500 customers located in 80 countries. About
Huntsman Huntsman is a global manufacturer and marketer of
differentiated chemicals. 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.
Originally known for pioneering innovations in packaging and,
later, for rapid and integrated growth in petrochemicals, Huntsman
today has 13,000 employees and operates from multiple locations
worldwide. The Company had 2007 revenues of approximately $10
billion. For more information, please visit the company's website
at http://www.huntsman.com/. 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 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. Accordingly, there can be no assurance that the company's
expectations will be realized. The company assumes no obligation to
provide revisions to any forward-looking statements should
circumstances change, except as otherwise required by securities
and other applicable laws. DATASOURCE: Huntsman Corporation
CONTACT: Guy Wolff of Huntsman Corporation, +41 61 966 41 46 Web
Site: http://www.huntsman.com/
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