Huntsman's New Textile Effects Organization Now in Place
February 12 2009 - 8:30AM
PR Newswire (US)
Division well on track in further developing Asian footprint BASEL,
Switzerland, Feb. 12 /PRNewswire-FirstCall/ -- Huntsman Corporation
(NYSE:HUN) today announced that its Textile Effects division has
completed all major elements of the previously announced
restructuring of its organization and that the division is well
under way in implementing its strategy to focus on selected global
market segments and adopt a streamlined business support model more
fully aligned with those segments. "We are pleased with the rapid
progress we have made toward making this business profitable and
sustainable in the long term. With our new organization in place,
we intend to move rapidly on completing the remaining elements of
our plan," said Paul Hulme, President of Huntsman Textile Effects.
The new organization is designed to strengthen its relationship
with strategic customers and improve service quality -- a step
which has been well received by the marketplace. The sales and
customer support organization in Asia is now the largest in Textile
Effects, consistent with the latest trends in market requirements
as well as current forecasts of future business development
potential. A completed element of the Textile Effects plan includes
a relocation of certain Research and Technology capability to the
division's site in Panyu, China, with new hires now on board.
Similarly, the build-up of R&T capabilities in India is making
good progress and the Mumbai team should be largely complete and
operational by the end of next quarter. The relocation of the
division's global headquarters and its leadership team to Asia is
also making progress. An announcement of the timing and location is
expected shortly. Textile Effects is also sharpening its focus in
other parts of the world to meet the demands of technology-driven
markets and customers. Concurrently, a major consolidation of the
division's sales offices and laboratories is taking place in many
countries. The measures announced to reduce complexity and fixed
costs have already started to take effect. In jurisdictions with
mandatory information and consultation processes with employee
representatives, these processes are well underway. Additionally,
the division has suspended production for up to seven weeks at its
largest site, in Basel/Schweizerhalle (Switzerland). Approximately
450 of 1,300 employees will work a short-time schedule during the
period, which is set to begin at the end of this month. Once the
plan is fully implemented, the company expects to achieve $60
million in annual savings. About Textile Effects: Huntsman 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 4,500
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 about
Huntsman, please visit the company's website at
http://www.huntsman.com/. 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. In addition, the completion of any
transactions described in this release is subject to a number of
uncertainties and closing will be subject to approvals and other
customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or 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 applicable
laws. DATASOURCE: Huntsman Corporation CONTACT: Guy Wolff,
+41-61-966-4146, or Investor Relations, Kurt Ogden,
+1-801-584-5959, both of Huntsman Corporation Web Site:
http://www.huntsman.com/
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