Huntsman Corp. (The Woodlands, Texas) has announced plans to launch a "global transformational change program" across its Advanced Materials division, as part of an ongoing strategic plan designed to improve the company's manufacturing efficiencies, enhance commercial viability and ensure its long-term global competitiveness. In a press release dated Jan. 23, Huntsman oficials cited "weak economic conditions in key global markets, combined with rising fixed costs and continued volatility in the cost of raw materials," as the factors that are driving the effort which will, in part, "align division resources to focus on attractive" high-growth markets. The company expects benefits to the business in the range of $70 million (USD).
Huntsman, considered a global leader in differentiated chemicals, says its Advanced Materials business will further increase its focus on opportunities in industries such as aerospace, adhesives, high-performance coatings, power generation, green electronics and large-scale engineering projects, which, Huntsmans says, will "drive maximum value for all stakeholders."
"The planned program is designed to ensure that the Advanced Materials business is strongly positioned to compete successfully in a challenging marketplace," says James Huntsman, president of the Advanced Materials division. "We will continue to invest significantly in our business, in order to help our customers around the world address some of the engineering challenges they [will] face over the coming years to produce lighter, more efficient materials."
The transformation program is scheduled to begin in the first quarter of this year, with full implementation expected during the following 18 months.
Huntsman Advanced Materials is a leading global provider of advanced epoxy-, acrylic- and polyurethane-based polymer products. Capabilities include high-performance adhesives and composites. The division reportedly serves more than 3,000 customers in 80 countries and had 2011 revenues of more than $1.3 billion.
For more information about Huntsman Advanced Materials, visit its Web site: www.huntsman.com/advanced_materials/
Huntsman Corp. is a global manufacturer and marketer of differentiated chemicals. 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. Huntsman has approximately 12,000 employees and operates from multiple locations worldwide.
For more information about Huntsman Corp., please visit its Web site: www.huntsman.com.