Huntsman Trims Costs, Ramps Up Asia Focus
February 23, 2009,
Textile dye and chemical producer Huntsman said its Textile Effects division has completed its restructuring, with a new focus on Asian markets.
Some research and technology assets have been relocated to the division's Panyu, China facility, while a team in Mumbai, India is also being expanded. These moves coincide with what the company called "a major consolidation of the division's sales offices and laboratories" ... "taking place in many countries."
Meanwhile, Huntsman said, "the division has suspended production for up to seven weeks at its largest site," in Basel, where one-third of the workforce will work a short-time schedule.
With all factors included, Huntsman, expects to achieve $60 million in annual savings.
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