BASF plans to cut costs by €1bn annually at its Ludwigshafen HQ by 2026 due to weak demand and high energy costs.
BASF, the world's largest chemical maker, plans to cut costs by an additional €1 billion annually at its Ludwigshafen headquarters in Germany by 2026, citing weak demand and high energy costs. This move follows previous cost-cutting efforts in response to falling demand and rising energy prices. The company aims to rebound group earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for one-offs, to between €8 billion and €8.6 billion in 2024. BASF's sales and profits dropped 21% and 29% respectively in 2022.
February 23, 2024
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