Huntsman restructures Textile Effects business

    2 December 2008, Basel, Switzerl - Paul Hulme, President of the Materials & Effects division of Huntsman Corporation, announced today that the company has completed a comprehensive review of the strategy f its global Textile Effects (TE) business.??As a result, the Textile Effects business will move to implement a new structure that will see its operations exp significantly in Asia??consolidate in the Americas??in Europe as it transitions??a regional to a global, market-focused organization.??The company has targeted approximately $60 million in annual savings when all phases of the restructuring are fully completed.



Mr. Hulme said: "Upon acquiring this business, we rapidly rationalized its complex global manufacturing footprint??then moved to review its product portfolio??business structure.??We are now prepared to move to a stage??the business can show its real potential as we focus on products??markets??we see opportunity to win now??in the long run."



The streamlined Textile Effects business will be comprised of two global strategic business units: Apparel & Home Textiles??Specialty Textiles, which together will focus on nine growth market segments. All business??support functions will be aligned to this new structure.



Peter Huntsman, President??CEO of Huntsman Corporation, commented:??"We firmly believe in our textile chemicals??dyes business.??As we previously achieved during the highly successful restructuring of our Advanced Materials business following its acquisition by Huntsman, our goal f TE is to reach a world-class cost position??become a truly market focused organization. This comprehensive change will contribute significantly to maintaining our leadership position in the textile chemicals??dyes market."



About Textile Effects



Huntsman's Textile Effects is the leading global provider of high-quality dyes??chemicals to the textile??related industries, manufacturing a broad range of dye??chemical products that enhance the colour of finished textiles??improve performance characteristics, such as wrinkle resistance, lasting freshness??the ability to repel water??stains. The business currently serves over 4500 customers located in 80 countries.



About Huntsman



Huntsman is a global manufacturer??marketer of differentiated chemicals. Its operating companies manufacture products f a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints??coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances??packaging. Originally known f pioneering innovations in packaging and, later, f rapid??integrated growth in petrochemicals, Huntsman today has 13,000 employees??operates??multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. F more information, please visit the company's website at www.huntsman.com.



knittingindustry