BASF to cut 2,000 jobs as Q1 profits drop 58%

BASF's Q1-09 profits of US$499 mln indicated a 58% drop as compared to Q1-08, prompting the company to cut 2,000 positions worldwide as it fights weak product demand. Income dipped 68% from US$1.55 bln as compared to the same period last year, while sales for the quarter declined 23% to US$16.07 bln. BASF employs 97,000 people around the world. Over 4,000 employees at its European sites are already working shorter hours to cut costs, and another 3,000 employees worldwide are expected to have their hours cut by June 1.
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