Huntsman cuts jobs, but stays upbeat on PU
22/01/2009
Chemical manufacturer Huntsman Corporation, whose products include polyurethane for the footwear industry, has announced a company-wide initiative to reduce costs across its divisions and functions. The company will reduce its full-workforce by more than 1,000 full-time positions by year-end 2009. It has a total workforce at the moment of 12,770 employees.
Full-time contractors working in the company's divisions and functions will be reduced by an additional 490 positions. Together, these reductions will result in operating cost savings to the company of approximately $150 million.
Peter Huntsman, president and chief executive of the company, said on making the announcement: "This restructuring will allow us to improve our business where we most acutely feel the effects of the present global economic slowdown, mainly in our pigments and textile divisions. While we are scrutinising each of our business divisions, we remain optimistic in our current positions in polyurethanes, advanced materials and performance products."
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