The group wants to save massively on staff.
(Photo: obs)
Frankfurt The chemical group BASF is under increasing pressure with its chemical business both in Europe and in China. This emerges from the report on the third quarter presented on Wednesday. In both regions, the Group posted significant losses in earnings.
In response to the difficult developments in Europe, the group announced a new savings program two weeks ago, together with preliminary quarterly figures, which is intended to reduce ongoing costs by EUR 500 million by the end of 2024 and will probably also be accompanied by job cuts.
It serves to ensure competitiveness in Germany and Europe in the medium and long term, said CEO Martin Brudermüller, explaining the planned measures.
High additional costs for natural gas
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