German chemical giant BASF says to slash 6,000 jobs

Photo: AFP

Massive German chemical company BASF said Thursday it would slash 6,000 jobs worldwide by 2021, as the company slims down its organisation in pursuit of fatter margins.

"BASF expects a reduction of a total of around 6,000 positions worldwide until the end of 2021" out of 122,000 employees, the company said in a statement, part of an "excellence programme" aimed at boosting profits by 2 billion euros ($2.3 billion) annually.

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