Major German corporation announces tough austerity program - staff also affected

As of: February 26, 2024, 7:53 a.m

By: Julian Baumann

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Chemical company BASF has announced tough austerity measures that will also affect its staff.

© IMAGO/Jochen Eckel

Weak demand is forcing the chemical giant BASF to take drastic cost-cutting measures, which will also affect its employees.

Ludwigshafen - The chemical industry is facing a new challenge.

BASF, the chemical giant based in Ludwigshafen, has announced an ambitious savings program that aims to save one billion euros annually by 2026.

These measures are a response to continued weak demand in Europe and rising gas prices.

They highlight the serious challenges facing the industry.

At

you will find out what impact these cost-cutting measures will have on employees and how they could influence the future of companies.

The automotive supplier ZF Friedrichshafen has also adopted tough austerity measures and wants to save six billion euros in costs over the next two years.

The editor Julian Baumann wrote this article and then used an AI language model for optimization at his own discretion.

All information has been carefully checked.