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07/08/2001
BASF issue another profits warning
Chemicals giant BASF have issued another profits warning as second quarter results revealed a drop in profits of euro 131 million, down around 15 per cent on the same period in 2000.
The interim report noted that in 2001 BASF were expecting a decline in income from operations from ongoing business”.
BASF reported second-quarter income was euro 751 million, which based on ongoing business following a recent restructuring plan represented a decline of 14.5 per cent.
The results reflect weakening demand for chemical products coupled with difficulties in passing on the increased cost of raw materials in the form of higher product prices. BASF reported that sales were down 7.1 per cent on those of the first quarter.
As part of a restructuring plan BASF wants to achieve annual cost savings of euro 400 million from the streamlining of the company’s global organization. BASF expects to save an additional €160 million by the end of 2002 by further optimising its global procurement of technical goods and services.
Site and plant closures will save euro 190 million and BASF intends to reduce its global workforce by a further 1,200 in the coming 18 months - taking total job reductions to 4,000.
In order to implement these cutbacks, BASF are to accelerate the plant closure programme and speed up the restructuring plan. As a result the company’s UK plant in Birkenhead will not now be rebuilt following a fire.
BASF said that they were anticipating raw material prices to improve slightly pressure on sales prices is likely to continue.
(SP)
The interim report noted that in 2001 BASF were expecting a decline in income from operations from ongoing business”.
BASF reported second-quarter income was euro 751 million, which based on ongoing business following a recent restructuring plan represented a decline of 14.5 per cent.
The results reflect weakening demand for chemical products coupled with difficulties in passing on the increased cost of raw materials in the form of higher product prices. BASF reported that sales were down 7.1 per cent on those of the first quarter.
As part of a restructuring plan BASF wants to achieve annual cost savings of euro 400 million from the streamlining of the company’s global organization. BASF expects to save an additional €160 million by the end of 2002 by further optimising its global procurement of technical goods and services.
Site and plant closures will save euro 190 million and BASF intends to reduce its global workforce by a further 1,200 in the coming 18 months - taking total job reductions to 4,000.
In order to implement these cutbacks, BASF are to accelerate the plant closure programme and speed up the restructuring plan. As a result the company’s UK plant in Birkenhead will not now be rebuilt following a fire.
BASF said that they were anticipating raw material prices to improve slightly pressure on sales prices is likely to continue.
(SP)
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