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 competitiveness.
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 officials.
The company expects benefits to the business in the range of $70 million.
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 company.