Huntsman wants to spin off Textile Effects in a new separate company
The new company to be founded will be brought to the New York stock exchange. The business including textile colourants is valued at maximal USD 300 million.
This reports Schweizerische Handelszeitung in Zurich, Switzerland based upon an entry in the official ledger in Basel, Switzerland. Details are expected to be announced within a short time frame.
Basel and the colourants business was the basis of the chemical and pharmaceutical industry at the site. It was also the base of the foremost industrial city of Basle initiated in the 19th century.
Huntsman did takeover from Ciba the textile effects business and there are around 100 collaborators in research and technology working in the sector of colourants of Huntsman in Basle and these are worrying about their future jobs. According to a Huntsman spoke person Wynne Morris to Handelszeitung, underlines “the Huntsman footprint in Basel will remain important.”
Already last September Huntsman communicated that Textile Effects will be a spin-off jointly with Pigments and Additives. The Huntsman Board of Directors will have the last say soon.