US: Huntsman to expand Textile Effects in Asia, axe 350 jobs
Huntsman Corporation is to spend $150m over the next three years on a restructuring program that will see its Textile Effects operations expand in Asia but will lead to the loss of around 350 jobs.
Huntsman, which acquired the Textile Effects business from Ciba Specialty Chemicals in June, says its plans also include consolidation of its units in the Americas and in Europe.
Overall, the company estimates that up to 650 positions will be eliminated and 300 created globally as it tackles the migration of its customers from North America and Europe, principally to Asia.
Peter R Huntsman, president and CEO, says the plans should "greatly enhance the profitability of this business and bring its EBITDA from less than 10% to 14-16% of sales over the next three years."
Paul Hulme, president of Huntsman's Materials & Effects division, which includes the new business, said moves to grow the apparel and home textiles business in Asia include the opening of a new technical centre and two new formulation and distribution centres in China.
"In the Americas and in Europe, our focus will be to expand our technical textiles and high-end apparel and home textile businesses," he explained.
Huntsman's Textile Effects business makes a broad range of dye and chemical products that enhance the colour of finished textiles and improve performance through wrinkle resistance and the ability to repel water and stains.
Huntsman Corporation has changed trade names associated with its new Textile Effects business acquired from Ciba Specialty Chemicals....
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