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Lower demand for chemicals is said to be the reason behind the global supplier’s decision to cut 6,000 jobs worldwide, half of which in its home country Germany.
Through what BASF has called an ‘organisational realignment’, the Germany headquartered chemical supplier says it is creating conditions for greater customer proximity, increased competitiveness and more profitable growth. By “streamlining its administration, sharpening the roles of services and regions and simplifying procedures and processes”, BASF expects savings of €300 million, and around 6,000 jobs are to be cut worldwide by the end of 2021. “We want our customers to experience a new BASF. To achieve this, we have to live a new BASF. We will therefore continue to develop our organisation to work more effectively and efficiently. In this way, we will ensure the success of our customers, strengthen our competitiveness, and grow profitably as a company”, said Dr Martin Brudermüller, Chairman of the Board of Executive Directors, BASF.
Customer-focussed operating divisions, service units and regions as well as a lean Corporate Centre are said to be the cornerstones of BASF’s new organisation. First changes are to take effect January 1, 2020.
In October 2017, Netherlands headquartered specialty chemicals manufacturer Stahl completed the acquisition of BASF’s Leather Chemicals business, formerly part of the BASF Performance Chemicals Division. In November 2018, Stahl reported annual synergies and cost savings of over €25 million. Read more here.