The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20 - Manufacture of chemicals and chemical products
2,000 jobs Number of planned job losses
Announcement Date
26 February 2009
Employment effect (start)
Foreseen end date
31 December 2009
Description
On 2nd May 2009, BASF, a producer of chemical products, has announced that it is to cut 2,000 jobs worldwide by the end of 2009. Already in February 2009, the company had reported a 131 million EUR loss in the fourth quarter of the business year. The company management expects a further decrease in sales in 2009. The implementation of the cost-saving programme will be accelerated; sites of low productivity will be closed. BASF hopes to save one billion EUR with its programme by the end of 2012. As of May 2009, there is no information on where the job losses will occur.
Sources
2 May 2009: Frankfurter Allgemeine Zeitung
26 February 2009: Financial Times Deutschland
Citation
Eurofound (2009), BASF, Internal restructuring in World, factsheet number 68346, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68346.
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