BASF cutbacks will affect 20,000 staff


	BASF cutbacks will affect 20,000 staff

JICWyllie

11-19-2008 12:33 PM

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tags:

economy, consumers, i-unemployment, i-increase, business, i-deflation, i-consequences, i-trend

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6c6f777b-df8f-4f68-8540-4825cd6a69d4/CDADD98C-FB34-4EA8-BAEE-F0B262E604F2/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/e1a19a1a-b637-11dd-89dd-0000779fd18c.html" href="http://www.ft.com/cms/s/0/e1a19a1a-b637-11dd-89dd-0000779fd18c.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e1a19a1a-b637-11dd-89dd-0000779fd18c.html"><B><A href="http://markets.ft.com/tearsheets/performance.asp?s=de:BAS" symbol="de:BAS">BASF</A></B>, the world’s largest chemicals company, on Wednesday said it would reduce the working hours of one-fifth of its workforce, or 20,000 employees, and cut production at 180 plants until January, after carmakers and other customers “significantly” cut orders in past weeks</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e1a19a1a-b637-11dd-89dd-0000779fd18c.html">The announcement is a clear sign of how the impact from the financial market crisis is passing from consumer industries to the huge swathe of business-to-business suppliers. The news sent BASF’s share price tumbling. In early afternoon, the stock was trading at €21.19, down 17 per cent from Tuesday’s close.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e1a19a1a-b637-11dd-89dd-0000779fd18c.html">Apart from the woes of the car industry, which has seen sales slide in recent months, BASF said customers across all sectors were suffering from “a lack of credit” and were running down stockpiles rather than buying new raw materials.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/CDADD98C-FB34-4EA8-BAEE-F0B262E604F2/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>