- BASF (OTCQX:BASFY -2.2%) unveils plans to reorganize its paper, water, oilfield and mining businesses within its performance chemicals division, in the latest move by CEO Kurt Bock to streamline the company’s sprawling portfolio.
- BASF says the creation of two new business units - to be called paper and water, and oilfield and mining solutions - will result in ~120 job cuts globally by the end of 2016.
- Six years after BASF acquired Ciba for $5B, Bock continues to restructure the company's under-performing performance products division, which already has seen more than 4,500 job cuts and 35 plant closures.