BASF Cuts Staff Hours at Several Sites in Europe as Business Slumps

BASF says that demand for its products in all regions did not pick up in the first half of January and that customers are continuing to destock. The company says it will, as a result, cut staff hours at several sites in Europe (CW, Jan. 19, p.13). Hambrecht: Decline in demand is worse than expected. The situation remains tough, and is difficult to predict, BASF chairman Jürgen Hambrecht says. “We do not expect the economic environment to improve in the coming months,” he adds. The decline in business is greater than was expected in November 2008...

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