Huntsman Corp warns of headwinds
30/09/2015
CEO Peter Huntsman said: “Although we are seeing headwinds within the business during the third quarter, we are optimistic about the future. Lower raw material prices impacted demand and margins in the third quarter, thus the accounting benefits will be delayed into the fourth quarter.”
Earnings are expected to be flat with last year at about $300 million.
“In 2016 we expect that cash flow will improve $300 million with further improvements projected in 2017. We remain committed to a separation of the pigments and additives business by the end of 2016 or sooner,” he added.
In March, it announced it would close plants in its colour pigments business, part of a previously announced plan to deliver $20 million in costs savings by mid-2016.
The group employs 16,000 in 30 countries.
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