06 July 2009 - 13H30
Chemical giant BASF to shed 3,700 jobs after Ciba takeover
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.
Related Content
Egypt vs. Algeria 'hate match' already kicked off online
Stay tuned
