BASF Chemicals Lay off Job Cut: fires 20000 employees

Just few days back, it was Citibank which created history with 53000 layoffs and now its BASF Chemicals, which has decided to fire 20,000 employees. The financial turmoil is taking a big toll on all the sectors of the world. The Chemical company BASF Chemicals has deiced to go for a big BASF Chemicals Lay off or Being Job Cut. The latest one to add to the list of lay off or Job Cuts is the BASF Chemicals , which is reported to have laid off around 20000 employees.



As per the news, The BASF Chemicals Company which is the worlds largest chemical maker, plans to cut 20,000 jobs.

How many plants will be affected with the BASF Chemicals Lay off Job Cut?
It si reported that there will be production cuts at around 180 plants

What are the major reasons for this BASF Chemicals Lay off Job Cut?
Global recession which has led to price rise and decrease in demand from many major cutomers is forcing BASF to cut down the costs.

How many BASF Chemicals Plants will be shut down?
BASF said it was temporarily shutting 80 plants worldwide and cutting production at another 100. production cuts primarily applied to plants serving the automotive, construction and textile industries. BASF has two small plants in the UK, in Derbyshire and on Deeside. It was unclear yesterday if they would be affected.

Will this hit the earnings & profits of BASF Chemicals?
Yes -definitely. The EBIT cannot be expected to match the previous years levels. Nor will last year earnings be up to the mark.

Let's hope that alternative jobs are available to the affected employees of BASF Chemicals Lay off Job Cut.