Huntsman Trims Costs, Ramps Up Asia Focus
Staff -- Home Textiles Today, 2/23/2009 12:00:00 AM
Basel, Switzerland —
Textile dye and chemical producer Huntsman said its Textile Effects division has completed its restructuring, with a new focus on Asian markets.
"The sales and customer support organization in Asia is now the largest in Textile Effects, consistent with the latest trends in market requirements as well as current forecasts of future business development potential," the company stated.
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.
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