BASF is cutting jobs as part of broader restructuring across the European chemical sector. The company has been reviewing its cost base and portfolio in response to high energy costs and global competition.
European chemical producers have been reducing headcount, closing plants and shifting investment abroad as they struggle to compete with lower-cost production in the US, Middle East and Asia. The job cuts at BASF are among several announced by major producers.
The restructuring comes amid the BASF-Evonik takeover approach, which could lead to further consolidation in the German chemical industry.
