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Business

Huntsman Cuts TiO2 Jobs

by Marc S. Reisch
December 8, 2014 | APPEARED IN VOLUME 92, ISSUE 49

Huntsman plans to cut 900 jobs from its recently enlarged pigments and additives division as part of a restructuring effort meant to save $130 million annually. Just two months ago, Huntsman completed the $1 billion purchase of Rockwood Holdings’ titanium dioxide and additives business and combined it with its own unit. Now Huntsman says it may reduce TiO2 capacity as it goes forward with a plan, announced when it arranged the Rockwood purchase a year ago, to ultimately carve out and sell the combined division in an initial public offering. The combination with Rockwood makes Huntsman the second-largest global producer of TiO2. The restructuring effort is intended to improve the division’s competitiveness and attractiveness in advance of a public offering. Last year, the number one TiO2 maker, DuPont, said it would spin off its performance chemicals business, including TiO2, to shareholders sometime in 2015.

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