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Despite keeping its earnings positive, the chemical products manufacturer saw its quarterly revenues decline by 23 percent.
The chemicals manufacturer is responding by cutting its capital spending by a combined $150 million the next two years and launching a $100 million share buyback program.
The company announced the restructuring Monday, two months after it completed a $1 billion purchase of titanium dioxide and other assets from New Jersey-based Rockwood Holdings.
The company attributed the increase to growing demand for key products, including textile dyes and chemicals and a specific kind of polyurethanes.
Huntsman Corp. plans a $125 million expansion of its Port Neches plant that will boost local production by 25 percent, employ 325 construction workers and make use of a refurbished production unit floated down the Neches River by barge from a shuttered Beaumont plant.
Widening the rift over exports of U.S. natural gas, Huntsman Corp. has joined a coalition campaigning against more foreign sales of the fossil fuel. The move follows Dow Chemical’s decision to break ties with the National Association of Manufacturers over the dispute.