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BASF to revamp performance chemicals division

Nov. 10, 2015 10:02 AM ETBASF SE (BASFY) StockBASFYBy: Carl Surran, SA News Editor
  • 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.

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