Chemical company BASF is launching another savings program due to weak demand in Europe. Additional costs of one billion euros should be saved at the Ludwigshafen site by 2026.
The energy-intensive chemical industry is suffering from the comparatively high energy prices in Germany. BASF, as the largest industrial gas consumer in Germany, is feeling this like no other company. The Management Board's outlook for this year is cautious: the weakness of the global economic dynamic is likely to continue and growth is only expected to strengthen somewhat as the year progresses.