The world’s largest chemical company, BASF, aims to implement a new cost-saving plan that will involve job reductions, CEO Markus Kamieth revealed in an interview on Wednesday with German newspaper Handelsblatt.
BASF plans to cut core activity costs by 20% by 2029 through its 'CoreShift' programme, which Kamieth described as one of the company’s largest optimisation initiatives. He said this will reshape BASF’s core operations with fewer employees.
The plan represents an additional savings programme, with the majority of reductions targeting personnel costs. Kamieth emphasised that the move is not a response to potential economic challenges, but part of a strategy established in 2024 that is now being implemented.
The company has been dealing with underutilisation at its factories, particularly at its Ludwigshafen headquarters. BASF has already introduced multiple savings initiatives, leading to the loss of around 2,800 jobs at Ludwigshafen since early 2024.
However, no layoffs will occur in Ludwigshafen for operational reasons until the end of 2028, following an agreement reached between unions and management in late 2025. BASF will invest billions into the site during this period.
BASF also has a significant site in Antwerp, home to the company's second-largest production facility globally, after Ludwigshafen. In October, BASF announced cost-saving measures for its Antwerp site, aiming to reduce annual fixed costs by €150 million and eliminate some 600 jobs—one in six positions—by the end of 2028.
The Antwerp cost-cutting plan aligns with existing initiatives, BASF’s spokesperson explained on Wednesday.
As of late last year, BASF employed around 3,600 people in Antwerp.
Globally, BASF reported a total of 106,428 employees during the first quarter of the year, about 5,000 fewer than the previous year.
Ludwigshafen remains the company’s largest factory, employing around 33,000 staff.
