LUDWIGSHAFEN, Germany—Chemical giant BASF S.E. will launch an organizational realignment through 2021 that will include cutting as many as 6,000 jobs worldwide.
The work will include streamlining administration operations and simplification of procedures and processes. The company expects annual savings of about $338.6 million upon completion of the project, which will result in a $2.26 billion increase of anticipated earnings from the end of 2021.
As a result of the change in strategic direction, BASF said in a statement that it will eliminate 6,000 jobs, largely in the administrative division.
"We will set up the new organization with a clear focus on leveraging synergies, reducing interfaces and enabling flexibility and creativity,"said Martin Brudermueller, chairman of the board of executive directors at BASF.