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World News and Views :: Top of the News
BASF to Shutter or Scale Back 180 Plants as Demand Shrinks
3:58 PM MST | November 21, 2008 | Natasha Alperowicz
BASF says it is temporarily shutting down 80 plants worldwide and reducing production at a further 100 as it grapples with a “massive decline in demand in key industries.” The moves account for 20%-25% of the company’s overall capacity. About 20,000 employees worldwide will be affected by the cuts, including 5,000 at Ludwigshafen, BASF says. Flexible working time arrangements will be used where possible, the company adds. Hambrecht: Key markets are affected. BASF also acknowledges that 2008 operating earnings will fall below 2007 levels. The...
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