German chemicals giant BASF said today it plans to cut 4,000 jobs worldwide during the next 18 months in view of the difficult situation in the sector.
"The chemicals sector in particular is being hit by the current weak demand," BASF said in a statement.
BASF said its net profit fell 97.5 per cent to euro 11 million in the second quarter of the current year, hit by restructuring charges of euro 447 million.
Looking ahead, BASF said it did not expect to see any improvement in the chemicals sector until 2002 at the earliest, so that 2001 operating profit was likely to fall short of the previous year's level.
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AFP