Huntsman Textile Effects Business Adopts Bold New Structure : Comprehensive plan targets annual savings approaching $60 million
Basel, Switzerland Paul Hulme, President of the Materials & Effects division of Huntsman Corporation (NYSE: HUN), announced today that the company has completed a comprehensive review of the strategy for its global Textile Effects (TE) business. As a result, the Textile Effects business will move to implement a new structure that will see its operations expand significantly in Asia and consolidate in the Americas and in Europe as it transitions from a regional to a global, market-focused organization. The company has targeted approximately $60 million in annual savings when all phases of the restructuring are fully completed.
Mr. Hulme said: Upon acquiring this business, we rapidly rationalized its complex global manufacturing footprint and then moved to review its product portfolio and business structure. We are now prepared to move to a stage where the business can show its real potential as we focus on products and markets where we see opportunity to win now and in the long run.
The streamlined Textile Effects business will be comprised of two global strategic business units: Apparel & Home Textiles and Specialty Textiles, which together will focus on nine growth market segments. All business and support functions will be aligned to this new structure.
Peter Huntsman, President and CEO of Huntsman Corporation, commented: We firmly believe in our textile chemicals and dyes business. As we previously achieved during the highly successful restructuring of our Advanced Materials business following its acquisition by Huntsman, our goal for TE is to reach a world-class cost position and become a truly market focused organization. This comprehensive change will contribute significantly to maintaining our leadership position in the textile chemicals and dyes market.
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