Manufacturing Industry
Huntsman restructuring may result in job cuts.(News)
Plastics News, November, 2003 by Esposito, Frank
Byline: Frank Esposito Huntsman Corp. is launching a cost-cutting plan likely to result in job cuts and closings of sites outside North America. The company wants to cut fixed costs and overhead expenses by $200 million within 18 months. In a Nov. 10 news release, Huntsman President and Chief Executive Officer Peter Huntsman described the move as "an opportunity to reposition our business at the bottom of the cycle.'' "The severe economic slump the chemical industry has been experiencing for the last three years continues unabated,'' he said.
"The resulting squeeze on profitability necessitates that companies that wish to remain competitive ... must fundamentally change their way of doing business.'' Officials with Salt Lake City-based Huntsman - a...
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