Restructuring events
European Restructuring Monitor (ERM)
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.
Chemical producer BASF is seeking to reduce its biotechnology research and development department by cutting 350 jobs. 140 of these positions will be in North America, and 180 in Europe. Layoffs will begin in June, and continue through to the end of this year. Sites in the USA, Germany, Belgium, and Brazil will remain open but reduce in terms of employees, whereas sites in India and Puerto Rico are to be closed completely. These redundancies come as part of a wider refocussing of operations, moving away from research into increasing yields, stress tolerance, and fungal resistance in corn, and towards herbicide tolerance and fungus resistant soybeans. Latest reports are suggesting that a deal with Monsanto and/or Bayer, perhaps in the form of a merger or buyout, are a possibility, but this speculation is as of yet unconfirmed.
Eurofound (2016), BASF, Internal restructuring in World, factsheet number 87515, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87515.