18 September 2012 09:06 [Source: ICIS news]
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SINGAPORE (ICIS)--BASF will permanently shut down expandable polystyrene (EPS) operations in ?xml:namespace>
The plants in Pasir Gudang
“In light of high overcapacities and low margins in some regions, BASF is focusing its global styropor (EPS) activities on strategic markets and core products with better profitability,” the company said.
A total of 115 employees will be affected – 60 in
“BASF will work with employees affected by the shutdowns to find the right transition plan,” it said.
The plants’ closure “has become inevitable”, the company said citing “uneconomic operations” as “high EPS overcapacities in Asia Pacific that have developed in recent years” led to “extremely low margins”, said Giorgio Greening, head of the global business unit for foams at BASF.
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