THE WOODLANDS, Texas,
March 4, 2015 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) today announced its plan to
restructure 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 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-end
2015, all of which are leased, include Cartersville, Georgia; East St. Louis, Illinois; and King of Prussia, Pennsylvania in the U.S., in
addition to Hainhausen, Germany.
Products produced by these facilities will be supplied by other
Huntsman facilities including our soon to be completed facility in
Augusta, Georgia.
Peter R. Huntsman, President and
CEO of Huntsman Corporation, commented:
"Today's announcement underscores our commitment to
restructure and remove cost from our newly acquired assets and
operations as quickly and efficiently as possible. 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."
Jan Buberl, Vice President of
Sales and Marketing of Huntsman's Color Pigments and Timber
Treatment business, added:
"This initial step in restructuring our Color Pigments
business will enable us to be more competitive, respond more
quickly to market conditions and better serve our global customer
base. We anticipate we can further optimize this business by
identifying additional synergies over time."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2014 revenues of approximately $13
billion including the acquisition of Rockwood's performance additives and titanium
dioxide businesses. Our chemical products number in the thousands
and are sold worldwide to manufacturers serving a broad and diverse
range of consumer and industrial end markets. We operate more than
100 manufacturing and R&D facilities in more than 30 countries
and employ approximately 16,000 associates within our 5 distinct
business divisions. For more information about Huntsman, please
visit the company's website at www.huntsman.com.
Social Media:
Twitter:
twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn:
www.linkedin.com/company/huntsman
Forward-Looking Statements:
Statements in this
release that are not historical are forward-looking statements.
These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are
subject to uncertainty and changes in circumstances and involve
risks and uncertainties that may affect the company's operations,
markets, products, services, prices and other factors as discussed
in the Huntsman companies' filings with the U.S. Securities and
Exchange Commission. Significant risks and uncertainties may relate
to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological
factors. The company assumes no obligation to provide
revisions to any forward-looking statements should circumstances
change, except as otherwise required by applicable laws.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/huntsman-takes-further-action-to-restructure-global-pigments-and-additives-business-300045610.html
SOURCE Huntsman Corporation