Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French education: Reinventing the idea of school

Read more

FRENCH CONNECTIONS

Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

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)