he Performance Products division of Huntsman Corporation (NYSE:HUN) today announced plans to re-focus its surfactants business in Europe.
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 we expect the annual EBITDA benefit will be approximately $20 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.