LAYOFFS Huntsman will shift new textile chemicals business toward Asia

Abstract

In a move that will eliminate about 350 jobs, mostly in the U.S. and Europe, Huntsman Corp. is reorganizing the textile chemicals business it purchased in July from Ciba Specialty Chemicals for $250 million. Huntsman will spend about $150 million over the next three years to consolidate the business in North America and Europe and expand it in Asia, particularly China. The company will shed some 650 jobs, about 450 in Europe, 150 in the U.S., and 50 in Asia. It will also add 300 jobs; two-thirds will be in Asia. Its goal is to boost the business' before-tax profit margins from about 10% of sales, which were $1.03 billion last year, to 14-16% of sales. By early 2009, the company will have closed plants in Saint-Fons, France; Schweizerhalle, Switzerland; St. Gabriel, La.; and Charlotte, N.C. At the same time, it is opening a technical center in Qingdao, China, as well as two formulation and ...