BASF to Cut 3,700 Jobs

Considering closing production sites

Chemical giant BASF said on July 6 that it would cut 3,700 jobs by 2013 under a restructuring following its acquisition of Ciba Holding AG of Switzerland.

The company said most of which will be eliminated by the end of 2010.

It said it was also considering the reorganization, sale or closure of 23 of the 55 former Ciba production sites worldwide, adding that a decision would be made by the first quarter of 2010.

BASF, which acquired Ciba in April for 3.8 billion euros (US$5.3 billion), hopes to save 300 million euros by the end of next year and has estimated the benefits of the acquisition at around 400 million euros a year starting in 2012.

It put the cost of integrating Ciba into its operations at 550 million euros, of which 150 million would be spent this year.

Copyright Agence France-Presse, 2009

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