Huntsman Furthers Restructuring of Global Pigments and Additives Business
Huntsman Corp. recently announced details on the restructuring of its Color Pigments business, another step in its previously announced plan to significantly restructure its global Pigments and Additives business. The restructuring of Color Pigments includes an expected headcount reduction of 120 positions and will reportedly deliver $20 million by mid-2016 toward the total synergies expected of the global Pigments and Additives restructuring plan announced in December 2014.
The initial phase of restructuring will include site closures, cost reduction initiatives and a move to centralized shared services, in addition to investment in customer-focused R&D to secure future growth. Manufacturing sites to be closed by year’s end include Cartersville, Ga.; East St. Louis, Ill.; King of Prussia, Pa.; and Hainhausen, Germany. Products produced by these facilities will be supplied by other Huntsman facilities, including a new facility in Augusta, Ga.
“Today’s announcement underscores our commitment to restructure and remove cost from our newly acquired assets and operations as quickly and efficiently as possible,” said Peter R. Huntsman, president and CEO. “I am pleased to see that we are well on track to deliver more than $140 million in total synergies, with $60 million of that to be achieved in 2015. In addition to these savings, we have announced a plan to close the black end of our TiO2 plant in Calais, France, that will generate $35 million of annual savings.”
For more information, visit www.huntsman.com.