BASF To Cut 20,000 Jobs
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Economics News
By. Steve Goldstein | MarketWatch Pulse
LONDON -- BASF , the world's biggest chemicals company, said it was mothballing several plants as it reported a "massive" decline in demand as the auto industry canceled orders. This condition will affect cutting 20,000 jobs and warned adjusted earnings before interest and tax won't grow this year.
It's temporarily shutting down 80 plants worldwide and reducing production at 100 plants. Flexible working time arrangements will be used wherever possible and scheduled maintenance work is being brought forward.
Most affected will be the company's main site in Ludwigshafen, Germany, where 5,000 jobs will be lost. The job cuts are coming as the company has purchased 94.6% of Switzerland's Ciba.
Sources :
- FoxBusiness : BASF To Cut 20,000 Jobs As It Warns On Profit
- MarketWatch : BASF shutting plants as it warns on profit
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