Huntsman is launching a global transformational change
program across its advanced
materials division, the US-based chemicals company
said on Wednesday.
The move is being conducted as part of an ongoing strategic
plan designed to improve manufacturing efficiencies, enhance
commercial excellence and ensure long-term global
Weak economic conditions in key global markets, combined with
rising fixed costs and continued volatility in the cost of raw
materials, are driving Huntsman's business to implement an
improvement program which will align resources to focus on
attractive higher-growth markets, according to company
The company expects benefits to the business in the range of
Huntsman, a global leader in differentiated chemicals, says
the advanced materials business will further increase its focus
on opportunities in industries such as aerospace, adhesives,
high-performance coatings, power generation, green electronics
and large-scale engineering projects, which will drive maximum
value for all stakeholders.
"The planned program is designed to ensure that the advanced
materials business is strongly positioned to compete
successfully in a challenging marketplace," said James
Huntsman, president of the business.
"We will continue to invest significantly in our business,in
order to help our customers around the world address some of
the engineering challenges they face over the coming years to
produce lighter, more efficient materials," he added.
The transformation program is scheduled to begin in the
first quarter of 2013, with full implementation expected to be
completed over the next 18 months, according to the