BASF Says Cuts Don’t Go Far Enough to Weather Chemicals Slump

BASF SE warned it will need to make more savings as the German manufacturer confronts a prolonged downturn in the chemicals market.

The company targets “significant” workforce reductions at its internal IT division that employs around 8,500 people, it said Friday. Its current cost-cutting push isn’t sufficient to counter persistently weak momentum in most major markets, BASF’s finance chief said.