Huntsman restructures pigments & additives biz

To improve the global competitiveness of its pigments and additives business,Huntsman Corporation is undertaking significant restructuring program, which will result in cutting down workforce by approximately 900. With this, the company expects annual cost savings ofabout $130 million, to be achieved by the middle of 2016.
 
Separately, Huntsman is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business.
 
Peter Huntsman, President and CEO, Huntsman Corporation, 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 specialised 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 that Huntsman has made significant efforts to restructure. Recently, the company completed major restructuring in its 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,” added Peter Huntsman.
 
The company is also planning to take steps that will lead to an initial public offering in future of its Pigments and Additives division.