BASF to cut 3,700 jobs in restructuring plans

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Berlin: German chemical company BASF, which has a significant presence in India, will slash about 3,700 jobs by 2013 as part of its restructuring measures.

The company is considering to close 23 of the 55 former Ciba production sites worldwide and would consolidate remaining 32 of 70 sales and administrative offices and research sites into its existing operations, BASF said in a statement.

BASF's," restructuring plans include a reduction of approximately 3,700 positions by 2013, the majority of which will be eliminated by the end of 2010," the statement said.

The move would save at least 400 million euros per year from 2012 onward. By the end of 2010, savings of around 300 million euros are to be achieved.

BASF Chairman Jurgen Hambrecht said, "This is unfortunately not good news for some of our employees, But the combined businesses can be successful in the long term only if we optimize them and exploit the full potential for synergies."

"I promise all our employees that we will keep the period of uncertainty as short as possible and will make decisions in a fair and transparent way," he added.