Huntsman, a maker of chemical products, said Tuesday it plans to implement a restructuring at its Textile Effects division, including the possible closure of its production facilities and business support offices in Basel, Switzerland. The company said the move is part of an on-going strategic program aimed at improving the division's long-term global competitiveness.

The company noted that the planned restructuring and the possible closures could affect about 600 positions in Basel, with potentially 500 job losses and 100 positions moving to other sites across the organization. However, the company will add a further 100 new hires in key markets.

The Textile Effects division is a provider of dyes and chemicals to the textile and related industries. The division has 14 primary manufacturing facilities worldwide in twelve countries.

Peter Huntsman, President and CEO of Huntsman, said, "We've made extensive and costly efforts to boost this division's competitiveness since acquiring the Business in 2006, but as customers and competitors alike have increasingly moved their centers of business to Asia, we must re-align ourselves according to these industry trends."

Huntsman 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."

Huntsman said that the division's Basel-based research & technology department will not be affected by the planned restructuring. The company also said that its Advanced Materials division will continue activities at its sites in Basel and Monthey, Switzerland.

The company has commenced consultations with labor representatives. The planned restructuring, including possible closures, are targeted for completion by the end of 2013.