BASF cuts global workforce

BASF will cut its global workforce by at least 2,000 in the wake of a 58 per cent drop in profits in the first qurter of 2009.

“In times of crisis, swift and decisive action is important. As early as the fourth quarter of 2008, we were one of the first companies in our industry to adapt our capacities to the dramatic slump in demand and reduce costs on all levels in order to ensure profits and liquidity in the short term,” said BASF chairman Dr Jürgen Hambrecht. “At the same time, we are focusing far ahead and are taking action today to be well equipped for the next upturn. Our goal is to emerge from this crisis even stronger and to increase our leading position.”

The job losses will be fully implemented by the end of the year, Hambrecht said.