12/03/2014

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Huntsman announces restructuring programme for its pigments and additives business

Separately, Huntsman says it is evaluating titanium dioxide (TiO2) capacity reduction options within its pigments and additives business. Peter R. Huntsman, President and CEO of Huntsman Corporation, commented: "We are in the process of creating a global market leading pigments and additives business with superior technology and cost competitive manufacturing. With the inclusion of the recently acquired Rockwood pigments and additives businesses we have the broadest product offering of specialised pigments in the industry. This restructuring will improve the competitiveness of our global pigments and additives business and allow us to compete more aggressively.” "This is not the first time we've made significant efforts to restructure. Recently, we successfully completed major restructuring in our Advanced Materials and Textile Effects divisions, the annual benefits of which were approximately USD 150 million. We will leverage the learning and know-how from these efforts to deliver approximately USD 130 million of cost savings in our Pigments and Additives division. We will carry out these efforts in-line with local procedures and by working with relevant associate representative groups. We are also taking steps that will lead to a successful future initial public offering of our Pigments and Additives division,” he said.

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