Huntsman Corporation announced its plan to restructure the Color Pigments business, another step in its previously announced plan to significantly restructure its global Pigments and Additives business.

The restructuring of Color Pigments includes an expected headcount reduction of 120 positions and will deliver US$20 million by mid-2016.

The initial phase of restructuring will include site closures, cost reduction initiatives and a move to centralized shared services, in addition to investment in customer focused R&D to secure future growth.

Manufacturing sites to be closed by year-end 2015, all of which are leased, include Cartersville, Georgia; East St. Louis, Illinois; and King of Prussia, Pennsylvania in the US, in addition to Hainhausen, Germany.

Products produced by these facilities will be supplied by other Huntsman facilities including the soon to be completed facility in Augusta, Georgia.

"It underscores our commitment to restructure and remove cost from our newly acquired assets and operations as quickly and efficiently as possible. I am pleased to see that we are well on track to deliver more than US$140 million in total synergies, with US$60 million of that to be achieved in 2015. In addition to these savings, we have announced a plan to close the black end of our TiO2 plant in Calais, France that will generate US$35 million of annual savings," said Peter R. Huntsman, President and CEO of Huntsman Corporation.

Huntsman Corporation announced its plan to restructure the Color Pigments business, another step in its previously announced plan to significantly restructure its global Pigments and Additives business.

The restructuring of Color Pigments includes an expected headcount reduction of 120 positions and will deliver US$20 million by mid-2016.

The initial phase of restructuring will include site closures, cost reduction initiatives and a move to centralized shared services, in addition to investment in customer focused R&D to secure future growth.

Manufacturing sites to be closed by year-end 2015, all of which are leased, include Cartersville, Georgia; East St. Louis, Illinois; and King of Prussia, Pennsylvania in the US, in addition to Hainhausen, Germany.

Products produced by these facilities will be supplied by other Huntsman facilities including the soon to be completed facility in Augusta, Georgia.

"It underscores our commitment to restructure and remove cost from our newly acquired assets and operations as quickly and efficiently as possible. I am pleased to see that we are well on track to deliver more than US$140 million in total synergies, with US$60 million of that to be achieved in 2015. In addition to these savings, we have announced a plan to close the black end of our TiO2 plant in Calais, France that will generate US$35 million of annual savings," said Peter R. Huntsman, President and CEO of Huntsman Corporation.