Don't miss

Replay


LATEST SHOWS

THE DEBATE

Macron in Washington: Can he change Trump's Foreign Policy?

Read more

FOCUS

Catalonia's pro-independence movement tempted by radicalisation

Read more

ENCORE!

Film show: 'May ’68', Director’s Fortnight reloaded, 'A Paris Education'

Read more

IN THE PRESS

Macron and Trump: Dandruff diplomacy?

Read more

PERSPECTIVE

Big data: ‘A key democratic issue’

Read more

MIDDLE EAST MATTERS

Susan Meiselas: Kurdistan through the lens

Read more

BUSINESS DAILY

Global wine production drops to lowest level in 60 years

Read more

MEDIAWATCH

Trump and Macron media moments in the US

Read more

ENCORE!

Photographer Clare Strand explores the causes and consequences of communication breakdown

Read more

Business

Chemical giant BASF to shed 3,700 jobs after Ciba takeover

Text by NEWS WIRES

Latest update : 2009-07-06

BASF has announced plans to cut 3,700 jobs as part of the integration of Swiss rival Ciba. The German-based chemical giant says it may sell or close as many as 23 of Ciba's 55 sites worldwide.

AFP - German chemical giant BASF said Monday it would cut 3,700 jobs by 2013 under a restructuring following its acquisition of Ciba Holding AG of Switzerland.
   
"The restructuring plans include a reduction of approximately 3,700 positions by 2013, most of which will be eliminated by the end of 2010," BASF said in a statement.
   
It said it was also considering the reorganisation, sale or closure of 23 of the 55 former Ciba production sites worldwide, adding that a decision would be made by the first quarter of 2010.
   
BASF, which acquired Ciba in April for 3.8 billion euros (5.3 billion dollars), hopes to save 300 million euros by the end of next year and has estimated the benefits of the acquisition at around 400 million euros a year starting in 2012.
   
It put the cost of integrating Ciba into its operations at 550 million euros, of which 150 million would be spent this year.
 

Date created : 2009-07-06

COMMENT(S)