MOSCOW (MRC) -- The Performance Products division of Huntsman Corporation has announced plans to re-focus its surfactants business in Europe, according to the company's press release.
The company 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." He added: "We are in discussions with potential partners for certain facilities and every effort will be made to ensure a smooth and seamless transition for customers and other stakeholders."
It is estimated that about 250 Huntsman Performance Products European positions could potentially be affected by these changes during the next 18 months.
Upon completion the company expects the annual EBITDA benefit to be approximately USD20 million.
Huntsman’s 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.
As MRC reported earlier, this summer, Huntsman Corporation acquired the remaining ownership of Russian joint venture Huntsman NMG, giving it full ownership of the company. The financial terms of the deal were not disclosed. HNMG is a leading supplier of polyurethane systems to the adhesives, coatings and footwear markets in Russia, Ukraine and Belarus.
Huntsman is a global manufacturer and marketer of differentiated chemicals with 2012 revenues of over USD11 billion. Our 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. Noting improvements across the chemical maker's main product lines, Moody's Investors Service has lifted its outlook on Huntsman Corp. to Ba3, up three notches; the outlook was raised to positive from stable.
MRC