Germany’s BASF to shed 2,600 jobs in cost-cutting drive

BERLIN (AP) — Chemicals maker BASF says it plans to cut around 2,600 jobs in a cost-cutting drive spurred in part by the impact of high energy prices. The announcement on Friday came after charges related to the exit from Russia of the Germany-based company’s gas and oil subsidiary pushed it to a loss in 2022. BASF said the cost-cutting program to be implemented this year and next is intended to generate annual savings of more than 500 million euros ($530 million) in its service, operating and research and development divisions and corporate headquarters. BASF reported a net loss for 2022 of 627 million euros, following a profit of 5.5 billion euros the previous year.