Chemical maker Huntsman Corp. said Tuesday that it is planning a significant restructuring in its textile effects division, which could cut about 500 jobs and move about 100 more elsewhere in the company.
The restructuring includes the possible closing of the division's production facilities and support offices in Basel, Switzerland. The research and development operation in that city will not be affected, the company said.
The company expects the cuts to be completed by the end of 2013.
The division makes dyes and other chemicals for the textile industry.
Huntsman said the moves are part of an effort to strengthen its competitiveness against "the ever increasing Asian competitor base and deliver long-term profitable growth for our shareholders and associates." The company also blamed the rising Swiss franc as a factor raising its costs to do business in that country.
Huntsman's stock fell 21 cents, or 2 percent, to $10.46 in morning trading Tuesday..