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Sept. 24 (Bloomberg) -- BASF SE, the world’s largest chemical company, will reorganize its paper-chemical operations to improve efficiency.
The current Basel, Switzerland headquarters for the paper- coatings and additives operation will be closed and the division dissolved, to be largely absorbed into the Performance Products segment, the Ludwigshafen, Germany-based company said today. It expects the measures to result in 50 job cuts.
Chief Executive Officer Kurt Bock is working piecemeal through BASF’s underperforming businesses to improve profitability and the returns from acquisitions made years ago. The company will evaluate strategic options for a paper hydrous kaolin business, it said today.
“Integrating the paper chemicals business along existing value chains will allow BASF to optimally steer plant capacity and leverage the advantages of the BASF Verbund,” board member Michael Heinz, who oversees the Performance Products segment, said in the release.
BASF competes with Kemira Oyj of Finland in the market for additives and coatings used to treat and protect weather.
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