From the August Business Chronicle:
Huntsman Corp., which is building a manufacturing facility in south Augusta, announced plans Thursday to restructure its color pigment business, including the closure of facilities similar to Augusta’s proposed plant.
By the end of the year, Huntsman will close plants in St. Louis, Cartersville, Ga., King of Prussia, Pa., and Hainhausen, Germany. The plan will eliminate 120 jobs in the division and result in $20 million in savings or cost reductions.
“This initial step in restructuring our color pigments business will enable us to be more competitive, respond more quickly to market conditions and better serve our global customer base. We anticipate we can further optimize this business by identifying additional synergies over time,” said Jan Buberl, the vice president of sales and marketing of Huntsman’s Color Pigments and Timber Treatment business.
Huntsman is due to complete the $115 million Augusta facility in the summer. Products at the soon-to-be shuttered facilities will be made at the Augusta plant at 1895 Doug Barnard Parkway, the company said, and other facilities.
The company will hire nearly 100 people and make iron oxide pigments that are commonly used to color coatings, concrete and plastics.
Huntsman acquired the Augusta project in October when it spent $1 billion to buy the pigment and additives divisions of Rockwood Holdings. Rockwood starting building the south Augusta facility in 2013.
Closing the St. Louis site was part of the plan since Rockwood owned the project.