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To ensure the company's continued profitability,
BASF's management in November 2018 set out a austerity plan
, namely:
from the end of 2021, this tightening policy will have to contribute 2 billion euros to BASF's pre-tax operating profits. The realization method is mainly to save production, logistics, research and development costs. In addition, BASF will sell some of its businesses
.
BASF's largest customer base is the automotive industry, accounting for about 20% of its sales. At the beginning of the year, BASF expects a small recovery in the automotive industry. By the end of last year, however, Chinese customers' demand for the car industry had fallen significantly. So far, BASF expects sales to grow by 5% in 2019 and adjusted operating profit (EBIT) to increase by 1% to 10%. Moreover, the 1 per cent growth rate looks closer to reality.
electricity prices continue to rise in Germany and set a "record" in mid-2019. This has been called a "warning sign" by many German experts. In order to fulfill its environmental commitments to the European Union, Germany has continued to propose a "carbon dioxide tax".
2019, german companies' production costs have risen significantly
.
today, major German media have published BASF announced large-scale layoffs. "
will start layoffs to ensure the growth rate of BASF's business," Martin Brudermüller, BASF's chief executive, told German newspaper Frankfurter Allgemean on June 16th, local time. After the deal to sell the Group's pigment and construction chemicals sectors is
, BASF will focus more on its strengths
. In the
, such matters as "acquisition of other businesses" will be handled more
.
, BASF's chief executive,
is known to be
to be laying off workers on a large scale in the German city of Munster. The automotive and automotive paint and coatings business, which has been affected by weakness in the automotive industry, will cut 200 jobs out of 2,400 local employees by 2021
.
announced the job cuts, BASF CEO Martin Brudermüller also made policy recommendations to the German government. BASF hopes that the German authorities will take a long-term view of providing companies with sufficient renewable energy and a clear price for carbon dioxide.
