- BASF ( OTCQX:BASFY ) ( OTCQX:BFFAF ) falls ~6% in Europe after unveiling plans to cut 2,600 jobs and reduce production at its Ludwigshafen site in Germany, after reporting a Q4 net loss .
- The cost-cutting measures, which the company hopes will save more than €200M/year by the end of 2026, will include closing one of two ammonia plants and associated fertilizer facilities as well as closing cyclohexanol, cyclohexanonethe and soda ash plants.
- The latest moves are in addition to BASF's ( OTCQX:BASFY ) cost-saving program announced in October aimed at saving more than €500M/year in non-production areas by the end of 2024 .
For further details see:
BASF to cut 2,600 jobs in Germany in latest cost-cutting move