Huntsman hit by raw materials shortages - sportstextiles: Lea SportsTextiles

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Huntsman hit by raw materials shortages

01/05/2013
Huntsman Textile Effects, the Singapore-based division of the chemicals giant, saw losses of $3 million for the first three months of the year, which it says was an improvement of $5 million compared with the prior year.

Production output at three facilities was significantly lower than in the same period last year – one was due to a systems upgrade; the other two to raw material shortages. The company estimates the impact of this at $3 million.

In the first quarter, volumes in key markets grew 12% compared with the prior year, with its Asia business growing at 14%. “An intense focus on key markets has contributed to generate year-over-year growth through share gains despite muted market conditions,” it said.

It added a restructuring plan was ahead of schedule. “Most of the expected $75 million in annual restructuring benefits are yet to come.”

Huntsman CEO Peter Huntsman noted: "I am encouraged by general demand trends across our businesses in North America and Asia and am optimistic about future prospects of our business in the key markets we serve.”

Textile Effects manufactures chemical and dye products that enhance the performance properties and colours of finished textiles and materials. The division employs 4,200 in eight countries.

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