01 October 2013 08:24 [Source: ICIS news]
SINGAPORE (ICIS)--Huntsman is planning to restructure its surfactants business in Europe by the end of next year, the US-based producer said in a statement on Tuesday.
“The company plans to transition away from a number of surfactant assets and product lines that have commoditised,” Huntsman said.
The producer added that the restructuring will allow it to focus on developing and growing its “remaining differentiated surfactants business” in strategic markets.
The restructuring is expected to be completed by the end of 2014, according to Stu Monteith, president of Huntsman's performance products division in which the surfactants business falls under.
Around 250 employees in its European performance products division could be affected by the changes over the following 18 months, Huntsman said.
“Upon completion [of the restructuring], we expect the annual earnings before interest, tax, depreciation and amortisation (EBITDA) benefit will be approximately $20m (€15m),” the producer added.
($1 = €0.74)
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