Feb '09
The chemical sector entails huge fixed and working capital investments, but all that is now threatened by the global slowdown. Thousands of people are facing layoffs from the sector, due to a cutback in operating capacities and also restructuring of operations undertaken by a majority of worldwide companies.
To get a better perspective on the global happenings and the tribulations faced by the chemical sector, fibre2fashion spoke to Mr Paul Hulme, President, Materials & Effects division, Huntsman Corporation. Huntsman is a global manufacturer and marketer of differentiated chemicals, with its headquarters in the US.
Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman has 13,000 employees and 2007 revenues of approximately US $10 billion and operates from multiple locations worldwide. The company has also initiated a slew of restructuring measures in the last few months.
We started off by asking Mr Hulme his view and opinion on the present state of the worldwide textile chemicals industry, who explained by saying, “We see a significant slow down in the textile industry as a consequence of reduced consumer spending, which led to a downturn in the textile dyes and chemical business especially in the second half of 2008 and in particular in the apparel and home textile segments.
This is a global issue which has also affected the Asian region, which relies massively on exports into the western countries. In addition to the downturn, this industry had to face major adverse effects such as currency exchange rates and significant increases and decreases, as well in raw materials and energy costs."
To another question on how promising is the business of technical textiles and its scope at Huntsman, he disclosed, "The whole textile division at Huntsman is completing its restructuring plan and strategic refocus initiated in 2006 after the acquisition from Ciba. Technical textiles, which is now integrated in the Specialty Textiles Strategic Business Unit, means a concentration on six core market segments where we see significant opportunity for growth and innovation.
Must ReadView All
Textiles | On 21st Oct 2017
Pakistan govt notifies 50% duty drawback on exports
The Pakistan government has notified the ‘Duty Drawback of Taxes...
Textiles | On 21st Oct 2017
Ghana sets up task force to clamp down on textile piracy
Ghana’s ministry of trade and industry has set up a taskforce to...
Fashion | On 21st Oct 2017
US company Coach to change name to Tapestry from Oct 31
Coach Inc., a New York-based house of modern luxury accessories and...
Interviews View All
Neel Sawhney
One Friday
‘The share of kidswear segment in the online sector is still small in...
Janak Dhamanwala & Sunil Dhamanwala
Jansun
Moving towards sustainability is also a social change
DK Sharma
Velocity Apparelz
We constantly communicate with employees at all levels
Oswal Prints Private Limited has been manufacturing and exporting ethnic...
MAG Solvics Private Limited was established in 1991 to design and develop...
Kusumgar Corporates is a leading manufacturer of technical textiles and...
Giorgio Mantovani
Corman S.p.A
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Ashok Desai
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Eamonn Tighe
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Wendell Rodricks
Wendell Rodricks
"We should not compare India and the West. There are things we do that...
Akta Adani
India Boulevard
India Boulevard is a San Francisco-based curated fashion marketplace that...
Jay Ramrakhiani
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
Recommended
news category
Related Categories:
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
Yes No SkipActive Poll
Do you see sustainability as a route to business growth?
YesTotal Votes: 70
Do you think adopting a sustainable approach will be a profitable move for your business?
Yes No SkipActive Poll
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
YesTotal Votes: 70
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
Yes No SkipActive Poll
Do you think adopting a sustainable approach will be a profitable move for your business?
YesTotal Votes: 70
Thanks for your valuable feedback. Claim your free latest sustainability e-book.
Active Poll
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
YesTotal Votes: 70
E-News Insight
Latest News Update in Your Mail Box.
