Percorso:ANSA > Nuova Europa > Germany > German chemicals giant BASF unveils cost-cutting plan
German chemicals giant BASF unveils cost-cutting plan
Ludwigshafen plant is world's largest chemical production plant
12 October, 18:32
(ANSA-AFP) - BERLIN, OCT 12 - German chemicals giant BASF on
Wednesday announced cost savings worth 500 million euros ($485
million) a year in 2023 and 2024 on the back of "significantly
weaker earnings in Europe". The programme will focus on "Europe
and particularly Germany", said the group, adding that "cost
savings possible in the short term will be implemented
immediately". As Germany's largest consumer of gas, BASF has
been hit hard by the energy crisis Germany has been facing as a
result of the war in Ukraine. The group's Ludwigshafen plant in
western Germany is the world's largest chemical production
plant, employing some 39,000 people and is seen as particularly
exposed to the consequences of a gas shortage. (ANSA-AFP).
© Copyright ANSA - All rights reserved
