Huntsman: Significant action to improve the global competitiveness of pigments and additives business

Huntsman Corporation recently announced 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 to be achieved by the middle of 2016. According to Peter R. Huntsman, President and CEO of Huntsman Corporation, these efforts will be carried out in-line with local procedures and by working with relevant associate representative groups.

Separately, Huntsman is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business.

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Peter R. Huntsman 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 are also taking steps that will lead to a successful future initial public offering of our Pigments and Additives division."

More information: www.huntsman.com

Huntsman Corporation, The Woodlands, Texas and Salt Lake City