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Huntsman Corporation has announced that it is taking significant action to improve the global competitiveness of its pigments and additives business. As part of a comprehensive restructuring programme, it plans to reduce its workforce by approximately 900 positions. Annual cost savings are expected to be approximately US$130M and will be achieved by the middle of 2016.
Separately, Huntsman is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business.
Peter R Huntsman, President and CEO of 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 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 US$150M. We will leverage the learning and know-how from these efforts to deliver approximately US$130M of cost savings in our Pigments and Additives division.”