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Many Chemical giants cut jobs

2023-10-26 09:39:58

According to reports, on October 18th, German chemical giant Lanxess (Lanxess) plans to cut 870 jobs worldwide due to weak business caused by the deep crisis in the German chemical industry, the company's spokesperson said. The spokesman said 460 jobs would be cut in Germany. Lanxess posted a loss in the second quarter due to weak global demand in many downstream industries, reducing inventories by customers and lower selling prices.

Energy prices have been rising in Europe following the Russia-Ukraine conflict. The chemicals industry, Germany's biggest gas consumer, has been feeling the pain of sharply higher costs. Earlier this month, Germany's ifo economic institute said the chemicals sector had slipped further into crisis, with the results of its latest survey pointing to shrinking orders and weak foreign demand. Lanxess is not alone among the world's largest chemical companies in cutting costs in the face of a weak market by cutting jobs and increasing efficiency. 

As reported, BASF, another German chemical giant, announced in February that it would cut 2,600 jobs and halt a €3 billion share buyback program because of "profound changes in the global economy." In January, Dow, the largest chemical company in the United States, announced that it would cut about 2,000 jobs worldwide. 

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