Huntsman Restructures New Textile Effects Business
US-based chemical company Huntsman Corporation has completed the strategy review for its global Textile Effects business, which Huntsman acquired from Ciba Specialty Chemicals Inc., June 30.
The company will spend approximately $150 million over the next three years on a restructuring programme that will see Textile Effects' operations expand significantly in Asia but consolidate in the Americas and in Europe. The company estimates that up to 650 positions will be eliminated and 300 created, globally.
President of the company’s Materials & Effects division Paul Hulme commented, "We firmly believe this business to have been an outstanding addition to our portfolio of differentiated chemical products, but we knew when we bought the business that one of the primary challenges facing the textile chemicals and dyes industry has been the ongoing migration of its customers from North America and Europe, principally to Asia. This restructuring programme will grow our apparel and home textiles business in Asia, and will include the opening of a new technical centre in Qingdao, China, as well as two new formulation and distribution centres in that country. In the
Huntsman's Textile Effects business is a supplier of textile solutions, manufacturing a broad range of dye and chemical products that enhance the colour of finished textiles and improve performance characteristics such as wrinkle resistance and the ability to repel water and stains.
