The global chemicals industry was in a distinct recession, and the company faced difficult times. The company employed 23,000 and had £2 billion in annual revenue, with 30% from the United States, 40% from Europe and 15% from Asia-Pacific. CEO Sipko Huismans had focused the company on rationalisation and cost cutting: "We have to cut costs. We can't count on sales growth to pay us more or to allow us to buy more of our favorite things." In 1991, the company closed its viscose plant in Calais, France, allowing its other plants to boost output to 93% capacity, compared with an industry average of 75%. This enabled the share price to double in the first three years following the demerger.