Huntsman Announces Restructuring
Huntsman Corp. recently announced that it is taking action intended to improve the global competitiveness of its pigments and additives business. As part of a comprehensive restructuring program, the company reportedly plans to reduce its workforce by approximately 900 positions, generating an annual cost savings of approximately $130 million. The reduction is expected to be complete by the middle of 2016. Separately, Huntsman is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business.
“We are in the process of creating a global market-leading pigments and additives business with superior technology and cost-competitive manufacturing,” said Peter R. Huntsman, president and CEO. “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.”
For more information, visit www.huntsman.com.