BASF Targets Core Businesses for Further Cost Cutting
By Nina Kienle
BASF is stepping up its cost-cutting measures, targeting lower costs in its core businesses as part of a wider restructuring.
The German chemical company said Wednesday it aims to reduce cash-based fixed costs its core businesses by up to 20% by 2029 compared with 2024. This is the next step in a restructuring program that includes streamlining its portfolio, selling non-core assets, spinning off its agricultural business, and cutting jobs, BASF said.
BASF expects to further reduce its workforce, Chief Executive Markus Kamieth separately told Handelsblatt newspaper, without being specific on numbers. BASF wasn't immediately available to comment.
The cost-cutting program--dubbed CoreShift--focuses on the segments of chemicals, materials, industrial solutions, and nutrition and care that make up BASF's core businesses. These represent around 40 billion euros ($46.43 billion) in annual global sales.
Julia Raquet, president of the Europe, Middle East and Africa region, will lead the newly established core transformation office and report directly to the CEO, BASF said.
The company has previously said it aims to achieve 2.3 billion euros in annual cost savings by the end of 2026. As of the end of March, 1.9 billion euros of these savings had already been realized.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
May 20, 2026 12:45 ET (16:45 GMT)
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