Huntsman Announces Restructuring Program
THE WOODLANDS, TX – In an effort to improve the global competitiveness of its pigments and additives business, Huntsman Corp. announced a restructuring program in which the company 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 capacity reduction options within its pigments and additives business.
Peter R. Huntsman, President and CEO of Huntsman Corp., 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."