Huntsman Corp., a chemical manufacturer, announced Tuesday an investment of approximately $150 million to restructure its Textile Effects' business operations over the next three years.
Under the restructuring program, Textile Effects' operations will be expanded in Asia, while consolidations will take place in the Americas and Europe.
Globally, the restructuring will result in the elimination of up to 650 jobs and the creation of 300 positions.
In June 2006, Huntsman acquired Textile Effects from Ciba Specialty Chemicals Inc.
According to Peter R. Huntsman, president and CEO of Huntsman, the restructuring plan will help Huntsman to become more profitable and increase sales over the next three years.
The Textile Effects business provides textile solutions and manufactures dye and chemical products.