BASF to cut jobs, close units in response to high energy costs

AFP :
German chemical giant BASF said Friday it would cut thousands of jobs worldwide and close several units at its historic home in Ludwigshafen as it contended with sharply increased energy prices.
“High energy prices are now putting an additional burden on profitability and competitiveness in Europe,” BASF CEO Martin Brudermueller said in a statement.
Brudermueller also criticised European “overregulation, slow and bureaucratic permitting processes”.
In response, BASF aimed to save 500 million euros ($530 million) a year in non-production areas by the end of 2024, including a net loss of “around 2,600 positions”, the group said.