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Responding to weak economic conditions and rising costs, Huntsman Corp. has launched a restructuring of its advanced materials business that it says will save about $70 million annually. The project, the cost of which has not been disclosed, will involve reductions in employment and other fixed costs over the next 18 months. Huntsman acquired the business, the former Ciba epoxy resins operation, in 2003. Business president James Huntsman says he will refocus on customers in industries such as aerospace, adhesives, high-performance coatings, and power generation.
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