Huntsman Corporation has announced a company-wide initiative to reduce costs across its divisions and functions, including further reduction in the number of full-time employees. Including steps taken during the fourth quarter of 2008, Huntsman will reduce its full-time employment by approximately 1175 positions by year’s end or approximately 9% of its employees. Full-time contractors will be reduced by an additional 490 positions. Together, these reductions will result in operating cost savings to the company of approximately $150 million.
Huntsman also announced that it will shutter its titanium dioxide plant in Grimsby, UK. The plant, which is the pigment division’s oldest and least efficient manufacturing facility, has an annual production capacity of 40,000 tons. Production will cease during the first quarter of 2009. Annual operating cost savings resulting from the plant’s closure would be approximately $28 million, according to Huntsman.
More info: www.huntsman.com