BASF Predicts Profit, Job Cuts with Cognis Integration
The company recently announced it expects to achieve an additional EBIT (earnings before interest and taxes) of €275 million through the acquisition, stemming from 10.6% of Cognis’s 2009 net sales.
BASF (Ludwigshafen, Germany) says plans to integrate Cognis (Monheim, Germany) are on track. The company recently announced it expects to achieve an additional EBIT (earnings before interest and taxes) of 275 million through the acquisition, stemming from 10.6% of Cognis’s 2009 net sales.
In other plans, BASF said the Cognis integration would add an additional 230 jobs, mainly in the company’s Care Chemicals division-however, 680 positions would be cut due to position overlaps as well as to improve efficiency. Most personnel changes would be made by the end of 2012.
“Through the acquisition, we have strengthened our activities in attractive growing markets such as personal and home care, nutrition and health, coating additives synlubes, and mining chemicals,” said Dr. John Feldmann of BASF’s board of executive directors.
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