23 October 2013 14:21 [Source: ICIS news]
LONDON (ICIS)--Germany-based chemicals giant BASF said on Wednesday that it is to restructure the pigments operations within its performance products business, leading to 650 job cuts by 2017.
The measures include the closure of its pigments plant in Paisley, Scotland, and the restructuring of its plant in Huningue, France. The company added that it is also exploring “strategic options” for its site in Maastricht, the Netherlands.
BASF is also to invest €250m ($342m) in its pigments operations, which will be focused on strengthening its footprint in Asia. Investments will include the start-up and expansion of a high-performance pigments plant at its Nanjing, China site, and the expansion of its pigments plant in Ulsan, South Korea.
“Further measures to improve the competitiveness of the Performance Products segment continue to be analysed,” the company added.
($1 = €0.73)
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