23 January 2013 10:58 [Source: ICIS news]
LONDON (ICIS)--Huntsman is to carry out a global restructure of its advanced materials division to shore up its competitiveness in light of weak economic conditions in key markets and feedstock price volatility, the US chemicals company said on Wednesday.
The move is the latest part of an ongoing investment programme to increase manufacturing efficiency across all divisions, the company added.
The advanced materials division reported a 6% year-on-year fall in revenue in the third quarter of 2012 to $328m (€246m).
“The planned programme is designed to ensure that the advanced materials business is strongly positioned to compete successfully in a challenging marketplace,” said division president James Huntsman.
The reorganisation will involve an increased focus on the aerospace, adhesives, performance coatings, power, green electronics and large-scale engineering sectors, with the programme scheduled to begin this quarter and to be completed within 18 months, Huntsman said.
The move has been driven by weak economic conditions, rising fixed costs and fluctuating raw materials prices, the company added.
Huntsman's advanced materials division produces advanced epoxy, acrylic and polyurethane-based polymer products.
($1 = €0.75)
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