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Here is why chemical company BASF will fire 2600 employees
BASF said it would cut 2,600 jobs, mainly in Europe, and flagged a continued decline in group earnings, citing high costs in Europe, uncertainty due to the war in Ukraine and rising interest rates. The German chemicals giant said in a statement on Friday that 2023 earnings before interest and tax (EBIT), adjusted for special items, would fall to between 4.8 billion euros ($5.09 billion) and 5.4 billion, declining further from 6.9 billion in 2022, which was down 11.5% from 2021. BASF, which in October last year laid out plans to cut annual costs in Europe by 500 million euros, specified on Friday that this would translate into about 2,600 jobs to be cut, about 65% of which would be in Germany. More jobs were affected overall, but the effect on workers would be tempered as new positions would be created, it added. BASF last month unveiled a 7.3 billion euro writedown for 2022 on the value of its Wintershall Dea energy business, which is pulling out of Russia. Source: BusinessToday
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