BASF announces further job cuts and savings program. Weak demand in Europe and adverse conditions such as increased energy prices are making business difficult for BASF.
The Dax group announced that additional costs of one billion euros should be saved annually at the Ludwigshafen site by 2026. The BASF management had already announced an austerity program in 2022 due to worsening business and more difficult conditions in Europe, especially due to sharp increases in gas prices. The measures already include the reduction of jobs and the closure of several chemical plants.