BASF, the world\’s largest chemical company, announced that it is cutting 2,600 jobs worldwide, including 700 jobs in production at its Ludwigshafen site. The company is also implementing an austerity program to save 500 million euros a year outside of production, half of it at the Ludwigshafen plant. BASF CEO Martin Brudermüller blames the slow market growth in Europe on over-regulation and high costs for production factors. In addition to the cost savings, the company is also closing several plants at the Ludwigshafen main plant, including the one for the Perlon precursor caprolactam and the one for the plastic precursor TDI. The changes at Ludwigshafen are expected to reduce annual fixed costs by more than 200 million euros from the end of 2026. According to the current site agreement, redundancies in Ludwigshafen are excluded until the end of 2025.
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