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 on Friday that additional costs of one billion euros should be saved annually at the Ludwigshafen site by 2026. Fixed costs are to be reduced through increases in efficiency and production capacities to be adapted to market requirements. The BASF management had already announced an austerity program in 2022 due to worsening business and more difficult conditions.