Monday July 6, 01:19 PM
BASF says it will slash 3,700 jobs
FRANKFURT (AFP) - German chemical giant BASF said Monday it would cut 3,700 jobs by 2013 under a restructuring following its acquisition of Ciba Holding AG (Virt-X: CIBN.VX - news) of Switzerland.
"The restructuring plans include a reduction of approximately 3,700 positions by 2013, most of which will be eliminated by the end of 2010," BASF said in a statement.
It said it was also considering the reorganisation, 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 (5.3 billion dollars), 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.
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