Basel, Switzerland – Huntsman Textile Effects, a division of Huntsman Corporation (NYSE: HUN) and a leading manufacturer of dyes and textile chemicals, today announced it will establish new headquarters in Singapore.
The move is a major milestone of the division's previously announced restructuring and will significantly contribute to the division’s focus on serving selected global market segments from the region most expected to fuel growth in the years to come.
Headquarters for Textile Effects is currently located at the division’s long-standing site in Basel, Switzerland. The Basel site will remain a major manufacturing, research & technology and European customer service location for Textile Effects, and also acts as headquarters of Advanced Materials, another Huntsman division.
“This is an important strategic decision,” said Paul Hulme, President of Huntsman Textile Effects. “The relocation of the divisional headquarters and its leadership team is the next important step in our restructuring program and will ensure that the business is fully aligned to market trends and customer needs. The move will enhance our customer intimacy, shorten decision-making processes and complement our realigned manufacturing footprint and business support model. It also brings us closer to our sales and customer support organization in Asia, which is already the largest in Textile Effects.”
Members of the Textile Effects leadership team are expected to move by mid-year and will relocate to the existing Huntsman Gateway Center at Beach Road. Vice Presidents and Directors responsible for Global Manufacturing, Supply Chain, Human Resources, Finance and Legal will relocate there, along with the business Vice President, Directors and commercial team responsible for its global Apparel & Home Textiles business unit.
“Geographically, Singapore is an ideal location from which to serve the markets in China, In
dia and South-East Asia, but also allows us to continue to serve and grow our business in Europe and the Americas,” Paul Hulme added. “Singapore was chosen from a number of possible locations, primarily because of its proximity to our key growth markets, the excellent international business environment encouraged by the Singapore Economic Development Board, and the availability of the high quality professionals that will be critical to the continued growth of our global business.”
About Textile Effects
Huntsman Textile Effects is the leading global provider of high-quality dyes and chemicals to the textile and related industries, manufacturing a broad range of dye and chemical products that enhance the colour of finished textiles and improve performance characteristics, such as wrinkle resistance, lasting freshness and the ability to repel water and stains. The business currently serves over 4500 customers located in 80 countries.
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has more than 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues of approximately $10 billion. For more information about Huntsman, please visit the Company’s website at www.huntsman.com.
Statements in this release that are not historical are forward-looking stat
ements. These statements are based on management’s current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company’s operations, markets, products, services, prices and other factors as discussed in the Huntsman companies’ filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company’s expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
Guy Wolff, tel.: +41 61 966 4146
Kurt Ogden, tel: +1 801 584 5959