BASF seeks 'permanent' cost cuts at European operations
BASF said costs at its European sites must be cut to a "permanently" smaller size because of a triple burden of sluggish growth, high energy costs and over-regulation, with the German industrial giant's boss throwing his weight behind a planned expansion in China.
"In the first nine months of 2022, natural gas costs at BASF's European sites - which include its largest complex at Ludwigshafen in southwest Germany, where it makes everything from vitamins, foam chemicals and engineering plastics to pesticides - were about 2.2 billion euros ($2.2 billion) higher than a year earlier."
