Huntsman To Reduce Workforce By Approximately 900 Positions - Quick Facts

(RTTNews) - Huntsman Corp. (HUN) announced plans to reduce its workforce by approximately 900 positions as part of a comprehensive restructuring program. The company expects annual cost savings to be approximately $130 million, which will be achieved by the middle of 2016. The company said it is evaluating titanium dioxide capacity reduction options within its pigments and additives business.

Peter Huntsman, CEO of Huntsman, said: "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 specialized pigments in the industry. This restructuring will improve the competitiveness of our global pigments and additives business and allow us to compete more aggressively."

The company is taking steps that will lead to a successful future initial public offering of Pigments and Additives division.