(Pixabay)
(CHEMISTRY WORLD) – BASF – the world’s largest chemical company by sales – is slashing its production, following a ’massive decline in demand’ for its products.
The company will temporarily shut down 80 of its plants worldwide, and cut production at approximately 100 others. In total, the cuts and closures represent 20 to 25 per cent of the company’s global production capacity. Around 20,000 of BASF’s 95,000 global workforce will be affected by shorter working hours – a quarter of those at the company’s main Ludwigshafen site.
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BASF had already cut production of some products – for example, in September announcing it would cut European polystyrene production. But market conditions have continued to deteriorate, even since the company announced its third quarter financial results on 30 October.
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