Huntsman turns to Asia for textile growth
04/12/2008
Chemical company Huntsman has announced the restructure of its Textile Effects division after what it called a comprehensive review.
The move will mean a new structure for the business unit, which supplies dyes and chemicals for the textile industry. Operations will expand significantly in Asia and consolidate in the Americas and in Europe. The company has targeted approximately $60 million in annual savings when all phases of the restructuring are fully complete.
Paul Hulme, president of Huntsman's materials & effects division, said on announcing the development: "Upon acquiring this business [from Ciba in 2006], we rapidly rationalised its complex global manufacturing footprint and then moved to review its product portfolio and business structure. We are now prepared to move to a stage where the business can show its real potential as we focus on products and markets where we see opportunity to win now and in the long run."
The streamlined Textile Effects business will comprise two global strategic business units: apparel & home textiles and specialty textiles, which together will focus on nine growth market segments. All business and support functions will be aligned to this new structure.
Peter Huntsman, president and chief executive of Huntsman Corporation, commented: "We firmly believe in our textile chemicals and dyes business. As we previously achieved during the highly successful restructuring of our advanced materials business following its acquisition by Huntsman, our goal for Textile Effects is to reach a world-class cost position and become a truly market-focused organisation. This comprehensive change will contribute significantly to maintaining our leadership position in the textile chemicals and dyes market."
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