Paul Hulme, President of the Materials & Effects division of Huntsman Corporation (NYSE:
HUN), announced today that the company has completed a comprehensive review of the strategy for its
global Textile Effects (TE) business. As a result, the Textile Effects business will move to
implement a new structure that will see its operations expand significantly in Asia and consolidate
in the Americas and in Europe as it transitions from a regional to a global, market-focused
organization. The company has targeted approximately $60 million in annual savings when all
phases of the restructuring are fully completed.
Mr. Hulme said: “Upon acquiring this business, we rapidly rationalized 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 be comprised of 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 CEO 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 TE is to reach a world-class cost position and become a truly market focused
organization. This comprehensive change will contribute significantly to maintaining our leadership
position in the textile chemicals and dyes market.”
About Textile Effects
Huntsman’s Textile Effects is the leading global provider of high-quality dyes and chemicals
to the textile and related industries, manufacturing a broad range of dye and chemical products
that enhance the colour of finished textiles and improve performance characteristics, such as
wrinkle resistance, lasting freshness and the ability to repel water and stains. The business
currently serves over 4500 customers located in 80 countries.
About Huntsman
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating
companies manufacture products for a variety of global industries, including chemicals, plastics,
automotive, aviation, textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally
known for pioneering innovations in packaging and, later, for rapid and integrated growth in
petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide.
The Company had 2007 revenues of approximately $10 billion. For more information, please visit the
company’s website at
www.huntsman.com.
December 2, 2008
Press Release Courtesy of Huntsman Corp.
