SALT LAKE CITY – Huntsman Corp. has
joined the growing number of companies affected by the unstable economy. The company announced plans to reduce its workforce 9% by the end of 2009.
It will eliminate 1,175 of its 12,770 full-time employees and cut an additional 490 full-time contractors. The pigments and textiles divisions, based primarily in Europe, will bear the brunt of the layoffs.
During the first quarter, Huntsman will also close its titanium dioxide plant in Grimsby, England. Approximately 200 workers will be let go. According to the company, the closure will save $28 million.
In addition, Huntsman has lowered its capital-spending program to $230 million, compared to $420 million in 2008.