Huntsman To Re-focus Surfactants Business In Europe; 250 Jobs To Be Affected

(RTTNews) - Huntsman Corp. (HUN) announced Tuesday that its Performance Products division plans to re-focus its surfactants business in Europe. The company estimated that about 250 Huntsman Performance Products European positions could potentially be affected by changes during the next 18 months. Upon completion it expects the annual EBITDA benefit will be about $20 million.

The company said it plans to transition away from a number of surfactant assets and product lines that have commoditized and to focus on developing and growing the remaining differentiated surfactants business in Huntsman's strategic markets. Relevant authorities and social partners will be fully consulted.

Stu Monteith, President of Huntsman's Performance Products division said: "We expect the restructuring to be complete by end-2014. It will result in a European surfactants business more closely aligned to our chosen markets and more integrated with the rest of the division's business processes and chemistries."

The company noted that its surfactants business in other parts of the world as well as other product lines in the Performance Products division (including amines, maleic anhydride and carbonates) will not be affected by the proposals.