BASF to cut 2,600 jobs as firm adjusts to future without cheap Russian gas

Europe's competitiveness is increasingly suffering from overregulation, slow and bureaucratic permitting processes, and in particular, high costs for most production input factors

BASF SE will cut 2,600 positions, about 2% of its global workforce, to reap cost savings as Europe’s biggest chemical firm adjusts to a future without cheap Russian gas. The company also ended a share buyback early. 
 

The chemical giant will close a number of factories, including two ammonia plants and related fertilizer facilities, resulting in 700 job cuts at its main Ludwigshafen plant in Germany, the company said Friday. BASF said the deterioration in the global economy prompted the termination of its €3 billion ($3.2 billion) share buyback program ahead of time.  

“Europe’s competitiveness is increasingly suffering from overregulation, slow