Chemical giant BASF agrees to no job cuts at German plant until 2028 [Yahoo! Finance]
BASF SE S/ADR (BASFY)
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Source: Yahoo! Finance
The works council described the months of negotiations that led to the deal as "tough," but said it had been "worth it." The agreement is set to initially apply for three years from January 1, 2026, to December 31, 2028, according to a press release. The deal, which rules out compulsory redundancies for its duration, will "automatically be extended by a further two years if the agreed targets for restoring profitability are achieved," the world's largest chemical producer said. More than 30,000 workers are employed at BASF's headquarters plant in Ludwigshafen, south of Frankfurt, accounting for roughly a third of company's global workforce. A current agreement is set to expire at the end of the year. BASF chief executive Markus Kamieth has plans for extensive restructuring, with some divisions to be sold and the agricultural division to go public in 2027. Shareholders' dividends are set to be cut for the first time since 2010, while BASF also plans to officially open a ne
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