Huntsman trims costs, ramps up Asia focus
February 13, 2009,
Basel, Switzerland – 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.