Chemical corporation Huntsman has announced plans for up to 500 job cuts and 100 transfers from its site in Basel.
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It said on Tuesday it would restructure its textile division and may close its production facilities and business support offices in Basel. Meanwhile, 100 new staff will be recruited in key markets.
The division’s Basel-based research and technology department will not be affected by the planned restructuring.
“We need to take bold action to fundamentally improve the poor financial performance of our textile effects division,” said president and chief executive Peter R Huntsman in a statement, pointing out that many customers and competitors had moved their headquarters to Asia.
He added: “The recent strengthening of the Swiss franc has greatly impacted our cost structure in Switzerland, which just serves to reinforce the need for re-alignment.”
The planned restructuring, including possible closures, should be finished by the end of 2013. Huntsman’s advanced materials division will continue activities at its sites in Basel and Monthey in canton Valais.
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