Texas-based chemical manufacturer, Huntsman, announced today that it will cut 1,175 jobs before the end of the year, as well as close a plant in the United Kingdom. The firm will also reduce capital spending and contractor positions as product demand falls in the slowing global economy. Huntsman expects to save $150 million annually as a result of the cost-saving initiatives.
See "Huntsman to Cut 1, 175 Jobs, Close UK Plant", The New York Times, January 21, 2009