BASF Records Steep Fall in First-Quarter Profits and Sales; to Cut 2,000 Jobs

BASF has reported a 68% fall in first-quarter net profits, to €375 million ($495 million), compared with the first quarter of 2008. Sales for the quarter fell by 23%, to €12.2 billion mainly due to persistently weak demand, BASF says. The company says that it is facing enormous challenges in 2009 as the demand for chemical products has declined further since the beginning of the year, and that there is currently no sign of a reversal of this trend. Therefore, the company plans to restructure and close or sell plants and sites that cannot ensure...

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