'We have quickly aligned businesses with realities of global economy' – Mr Hulme, Huntsman

14 Feb '09

3 min read

The six core market segments are - Nonwovens, carpet, automotive, woven functional fabrics, specialized synthetics and wool. As a consequence we reduced our number of products and implemented a new business support model that is fully aligned with the market and our customer needs."

We closed off the interview by asking him the most vital question as to how Huntsman will face the tough times in face of plunging economies, to which he replied by saying, “Huntsman Corporation recently announced a number of steps to quickly align its businesses with the realities of the global economy. The company will reduce its employment by approx. 1175 positions or 9% of the total work force.

It also announced the closure of a titanium dioxide plant in the UK during the first quarter. These steps, among some others should reduce costs by ca. $340 million. Combined with the $1 billion settlement received from Apollo Management during December these savings provide the company with a strong balance sheet and significant liquidity".

Fibre2fashion News Desk - India

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