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BASF expects to reduce 6,000 jobs worldwide by the end of 2021

[Abstract]:
BASFwilladjustitsorganizationalstructuretocreateconditionsthatwillbeclosertocustomers,enhancecorporatecompetitivenessandpromoteprofitablegrowth.BASFisstreamliningitscorporategovernance,sharpeningthere
      BASF will adjust its organizational structure to create conditions that will be closer to customers, enhance corporate competitiveness and promote profitable growth. BASF is streamlining its corporate governance, sharpening the responsibilities of service departments and regional departments, and streamlining procedures and processes. As part of BASF's existing "Excellence Program", the above measures are expected to save the company 300 million euros, while the overall "excellent project" is expected to contribute 2 billion euros per year to the company from the end of 2021.
 
      In the process of implementing corporate strategy, BASF expects to reduce 6,000 jobs worldwide by the end of 2021. This is mainly achieved through structural simplification, management, service and efficiency improvement of various business units. In addition, the company's core department structure will be streamlined under the revised product portfolio changes. Based on future growth, BASF will continue to need more people in the production and digital arena.
 
      Dr. Martin Brudermueller, Chairman of the Executive Board of BASF Europe, said: “The new organizational structure we are going to build will clearly focus on synergies, reduce interfaces, promote flexibility and creativity. We want our customers to have a new experience at BASF. To this end, we must first refresh ourselves. By continuously improving the efficiency and efficiency of our business, we can help our customers succeed, enhance our competitiveness and achieve profitable growth."