BASF (BFA.L, BASFY.PK) reported a loss in the fourth-quarter compared to a profit in the prior year, hurt by impairments on the shareholding in Wintershall Dea. The German chemicals major will cut 2,600 jobs, as part of cost savings program. The company announced concrete cost savings measures focused on Europe as well as measures to adapt the production structures at the Verbund site in Ludwigshafen.
Looking ahead for 2023, BASF expects sales to be between 84 billion euros and 87 billion euros. Group EBIT before special items is expected to decline to between 4.8 billion euros and 5.4 billion euros.
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