Huntsman CUts Workforce,
Closes titanium dioxide plant
Huntsman Corp. has recently enacted a company-wide initiative to reduce costs across its division and functions, which will eliminate 117 jobs by year-end, or nine percent of its workforce. 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.
Huntsman also announced that its pigments division plans to close its titanium dioxide plant located in Grimsby, UK. The UK plant has an annual capacity of 40,000 tons of titanium dioxide. Pigment products at the plant would cease during the first quarter of 2009. Approximately 200 full time employees and contractors work at the site. Annual operating cost savings resulting from the plant’s closure will be approximately $28 million.