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Markets :: Basic Chemicals :: Inorganic Chemicals :: Titanium Dioxide

Huntsman Cuts Workforce by 9%; Closes U.K. Plant

8:31 AM MST | January 26, 2009

Huntsman says it plans to cut about 1,175 jobs, 9% of its total workforce, and close its 40,000-m.t./year titanium dioxide plant at Grimsby, U.K. in a bid to reduce costs amid the economic downturn. The company will also lay off 490 full-time contractors. The cutbacks are expected to reduce annual operating costs by about $150 million, and the plant closure will save about $28 million/year, Huntsman says. “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...

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