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BASF Puts Staff on Short-Time Working as Business Deteriorates

1:12 AM MST | January 20, 2009 | Natasha Alperowicz

BASF says demand for its products in all regions has not picked up in the first half of January and customers are continuing to destock. Chairman Juergen Hambrecht says the situation remains tough and difficult to predict. "We do not expect the economic environment to improve in the coming months," he says. The decline in business is greater than expected in November and will negatively impact earnings, he adds. BASF in mid November reduced capacity utilization at six of its integrated manufacturig sites and says that the average capacity utilization at...

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