Huntsman Layoffs Job Cut: fires 1175 employees: Finance Trading Times

Huntsman Layoffs Job Cut: fires 1175 employees

The news is not good for the employees of Huntsman Corporation or Huntsman Corp. The company is in the business of Chemical Making and Manufacturing. The latest additon to the list of companies going for layoffs is the Huntsman. No one seems to be shielded from the effect of recession. It the Huntsman Company, which have decided to go for the layoff. Huntsman Layoffs

How many employees will be fired in the Huntsman layoffs?
There could be around 1175 job cuts by the company. Along with that, the company also plans to cut jobs of 490 full-time contractor positions. This will be around 9 percent of the total company workforce.

How much savings is expected due to layoffs by Huntsman?
Around 150 million USD are expected to be saved annually after the layoffs.

ANy plant closures by Huntsman?
Yes, a plant in Grimsby, U.K., which is a titanium dioxide plant will be closed. About 200 full-time employees at the Grimsby plant will lose their jobs when the plant stops production in the first quarter.

Were there any previous rounds of layoffs by Huntsman
No. There were strong earnings reported by the company in the last year.

Any other news about Huntsman layoffs
The moves announced Thursday should save about $340 million in costs this year, Huntsman said. The company is planning to reduce capital spending by $190 million to $230 million in 2009 from $420 million in 2008.
Let's hope that alternative jobs are available to the affected employees of Huntsman Layoffs Job Cut
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