BASF, the world's largest chemical producer, eliminated approximately 7,000 positions worldwide between January 2024 and the end of June 2026, cutting more jobs in the first half of this year than in the previous two years combined. Full-time positions at the Ludwigshafen headquarters fell below 30,000 in May for the first time since 1954.
The restructuring contributed to a sharp earnings rebound. Second-quarter net income surged to €4.14 billion, up from €79 million a year earlier, boosted by a €3.5 billion after-tax gain from selling 60 percent of its automotive coatings business to Carlyle. Revenue rose 16.4 percent to €17.2 billion.
CEO Markus Kamieth said the company reduced costs, cut capital expenditure and increased plant utilization, while noting that layoffs in Germany remain comparatively expensive due to high severance payments and legal framework conditions. BASF targets €2.3 billion in annual cost savings by year-end and plans to list its agricultural business on the Frankfurt Stock Exchange.