German chemicals giant BASF SE (BASFY,BFA.L) said it will cut about 500 jobs worldwide by the end of 2015, including 350 in Switzerland, and also streamline processes as part of a restructuring at its performance products segment.
BASF plans to significantly increase competitiveness at the segment in the coming years by streamlining processes, investing in new technologies and adjusting its portfolio as well as its organizational setup.
The restructuring involves businesses with plastic additives, pigments, water, leather and textile chemicals. The currently planned measures will lead to a reduction of about 500 positions worldwide by the end of 2015, the company noted.
Michael Heinz, member of the Board of BASF SE and responsible for the Performance Products segment, said, “The expansion of our specialty business in the Performance Products segment made us more robust to economic fluctuations. However, the growth and profitability of the standard products do not yet meet our requirements. We have therefore identified numerous measures which we are implementing step by step. Further measures are being analyzed.”
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