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BASF Announces Deep Restructuring of Former Ciba Assets

9:52 AM MDT | July 10, 2009 | Ian Young

BASF has announced a deep restructuring of the former activities of Ciba Specialty Chemicals, which BASF acquired last April. The plans include heavy job cuts and possibly widespread site closures or divestments. BASF said it would restructure the Ciba businesses when it announced the acquisition last year, but analysts say the seriousness of the economic downturn has forced a more severe restructuring than was initially planned. BASF says it is targeting synergies from the integration of the former Ciba that will translate into annualized cost reductions of at...

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