Huntsman Cuts TiO₂ Jobs

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.