BASF to eliminate 2,600 jobs in cost-cutting measure

Feb. 27, 2023
High energy prices are forcing BASF to cut costs, which includes 2,600 jobs.

High energy prices are forcing BASF to cut costs, which includes 2,600 jobs. According to the Associated Press, the German chemical company’s plan would also include closing several plants, costing 700 production workers their jobs, and saving the company 500 million euros a year.

Reuters is reporting that BASF also plans to stop share buybacks and increase investment in an effort to stay competitive. Despite decreasing its workforce by 2.3%, BASF said it would try to offer affected workers alternative positions, if possible.

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