BASF Cuts Highlight Deepening Gloom in Germany Economy
- Higher energy costs, slowing growth spur lasting changes
- Job cuts sink in across industry from chemicals to autos
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Some of Germany’s biggest industrial firms have started to make deep and lasting cuts, an acknowledgment that persistent headwinds like higher energy costs and muted economic growth now require structural changes.
“We are not simply postponing investments,” BASF SE Chief Executive Officer Martin Brudermüller said Tuesday as he announced a plan to cut investment by almost 15% over the next four years. “We are reducing the number of projects and will implement alternative measures that involve lower” capital expenditures.