BASF (BASFY.PK,BFA.L) announced it is taking a number of steps to strengthen the competitiveness of its Performance Products segment. BASF said the company plans to adapt its businesses to the changed market environment and significantly increase competitiveness in the coming years by streamlining processes, investing in new technologies and adjusting its portfolio and its organizational setup. The currently planned measures will lead to a reduction of about 500 positions worldwide by the end of 2015.
"The expansion of our specialty business in the Performance Products segment made us more robust to economic fluctuations. However, the growth and profitability of the standard products do not yet meet our requirements. We have therefore identified numerous measures which we are implementing step by step. Further measures are being analyzed," said Michael Heinz, member of the Board of BASF SE and responsible for the Performance Products segment.
BASF aims to improve the efficiency and profitability of the Plastic Additives and Pigments & Resins business units in Europe, which are mainly located in the Basel area. The restructuring will lead to a reduction of a total of up to 350 positions in the Basel area by the end of 2015. BASF has already announced that it is combining its businesses with water, oilfield and mining solutions into a new global business unit. The increase in efficiency in the polyacrylamide value chain will lead to a reduction of positions in the water chemicals business, mainly at the sites in Bradford and Grimsby, United Kingdom. Additionally, BASF is planning to divest its industrial water management business, located in Lyon, France, to a strategic partner, the company said.
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