Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

UGANDA: OPPOSITION LEADER IN COURT ON TREASON CHARGES

Read more

MEDIAWATCH

Istanbul's Suffering in the Shadows?

Read more

THE DEBATE

Turkey targeted: Islamic State Group blamed for Istanbul attack (part 1)

Read more

THE DEBATE

Turkey targeted: Terror attack coincides with foreign policy pivot (part 2)

Read more

THE INTERVIEW

" We have a lot that we can do together to make Middle East a better place"

Read more

FOCUS

Will Bolivia see a lithium boom?

Read more

MIDDLE EAST MATTERS

Child refugees: Inside Turkey's hidden sweatshops

Read more

ENCORE!

Film show: 'The Red Turtle', 'Camping 3' and 'The Balkan Trilogy'

Read more

FACE-OFF

After Brexit, is a Frexit possible?

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)