Chemical giant BASF to shift jobs from Germany to Asia [Yahoo! Finance]
BASF SE S/ADR (BASFY)
NASDAQ:AMEX Investor Relations:
basf.com/en/company/investor-relations.html
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Source: Yahoo! Finance
BASF signalled on Friday it would shift jobs from its home market of Germany to Asia, as the struggling chemical giant seeks to aggressively cut costs. The vast German chemical sector has been mired in crisis in recent years due to overcapacity, weak demand and high energy costs. BASF, the world's biggest chemical group and a key supplier to industries ranging from automotive to agriculture, has launched a major savings drive, in particular directed at its operations in Germany. In its latest move, the group said it intended to cut administrative jobs, including at a major hub in Berlin, without giving a precise figure. It outlined plans to build up hubs for a range of back-office roles in Asia -- a new one to be opened in India, and an existing centre in Malaysia. "We will adapt our existing location structures and achieve significant cost savings as a result," BASF chief financial officer Dirk Elvermann told reporters, as the group reported falling operating profits and s
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