Friday, October 14, 2022

BASF implementing cost-cutting measures

Via Chemical and Engineering News' Alex Tullo: 
Deteriorating economic conditions in Europe, Germany in particular, will adversely impact BASF third-quarter results and are prompting the world’s largest chemical company to execute a nearly $500 million cost-cutting program...

...Due to the results and “the deteriorating framework conditions in the region,” BASF says it is implementing a nearly $500 million cost-reduction program over the next two years.

The program will focus on Europe, particularly Germany. More than half of the targeted savings will come from BASF’s flagship site in Ludwigshafen. The firm says that cuts will come from “non-production areas” including “operating, service and research & development divisions.”

Well that is both to be expected, and not great news.  

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