22 January 2009 14:16 [Source: ICIS news]
TORONTO (ICIS news)--US chemicals producer Huntsman will cut about 1,175 jobs, or 9% of its overall workforce, and close its titanium dioxide (TiO2) plant in the UK as apart of a $150m (€116m) cost savings and restructuring programme, it said on Thursday.
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"This restructuring will allow us to improve our business where we most acutely feel the effects of the present global economic slowdown, mainly in our pigments and textile divisions,” said CEO Peter Huntsman.
“While we are scrutinising each of our business divisions, we remain optimistic in our current positions in polyurethanes, advanced materials and performance products," he added.
The company would also reduce capital expenditures by $190m to $230m this year, he said.
“These savings, combined with the $1bn in payments we received during December from Apollo Management, provide our company with a strong balance sheet and significant liquidity,” the CEO said.
($1 = €0.77)
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