02 December 2008 16:29 [Source: ICIS news]
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HOUSTON (ICIS news)--US urethanes and specialty chemicals producer Huntsman plans to consolidate the European and Americas operations of its textile effects business, while it expands it in Asia, the company said on Tuesday.
The company said the restructuring should remove roughly 470 positions. Huntsman expects to save $60m (€47m) a year when the restructuring is completed.
When Huntsman finishes the restructuring, the textile effects business will include a specialty textiles unit and an apparel and home textiles unit.
The textile effects business produces dyes and other chemicals used in textiles.
"We firmly believe in our textile chemicals and dyes business," according to a statement by CEO Peter Huntsman.
"As we previously achieved during the highly successful restructuring of our advanced materials business following its acquisition by Huntsman, our goal for [textile effects] is to reach a world-class cost position and become a truly market focused organisation," he said.
"This comprehensive change will contribute significantly to maintaining our leadership position in the textile chemicals and dyes market," he said.
($1 = €0.79)
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