Huntsman To Downsize As Part Of Restructuring

The Woodlands, Texas-based chemical manufacturer Huntsman Corp. has announced it plans to make
significant job cuts as part of the company’s move to adopt a new structure for its Textile Effects
business and to help cut annual costs by $60 million
(See “
Textile Effects Business Adopts New Structure
,, Dec. 2, 2008.)
Huntsman globally has redesigned its
overall organization to move from a product-centric model to a consumer-facing organization. The
cost cuts apply to all nine segments of the Textile Effects business, which now comprises Apparel
& Home Textiles and Specialty Textiles. Though the consolidation is global, there is a higher
impact in Europe.

Huntsman will eliminate approximately 470 jobs in its Dyes and Textile Chemicals business —
approximately 12 percent of that unit’s current workforce of 3,700. The company already has trimmed
production in Langweid, Germany, as a result of a drop in volumes, eliminating 150 employees at the
site. According to Huntsman Director of Global Communications Guy Wolff, the company also intends
to halve the number of sales offices and laboratories globally as well as drop unprofitable

The Specialty Textiles business will remain centered in Europe and the United States, and the
Apparel & Home Textiles business will remain centered in Asia.

December 9, 2008