BASF to cut 2,000 jobs by end of

BASF has announced that it intends to cut at least 2,000 positions by 2009 as it sees no shift in the current trend and as demand weakened further at the start of the year. Quarterly sales fell 23.3% to €12.22 billion compared to Q1 in 2008.
“In times of crisis, swift and decisive action is important,” said Jürgen Hambrecht, BASF chairman. The company said that cost reduction and efficiency programs are being implemented “rigorously and rapidly,” confirming it will restructure and, where necessary, close or sell plants and sites that cannot ensure the company’s long-term competitiveness.