"German chemical group Wacker Chemie said Thursday it will axe 1,500 jobs, almost a tenth of its workforce, in a cost-cutting drive as the sector slips deeper into crisis. Chemicals is one of the most important industrial sectors in Europe's biggest economy but is battling massive challenges, ranging from high energy costs to red tape and fierce foreign competition. Wacker -- whose key customers include the automotive, construction and semiconductor industries -- said most of the jobs would be lost in Germany,"
"The job losses are part of plans to save more than 300 million euros a year. Wacker currently has around 16,600 staff worldwide, mostly in Germany. The firm's shares were up almost two percent in Frankfurt after the cuts were announced. Chief executive Christian Hartel said conditions for chemical companies in Germany needed to be urgently improved. "The excessively high energy prices and bureaucratic obstacles continue to act as a central brake on the successful development of the chemical industry," he said."
Wacker Chemie will cut 1,500 jobs, almost a tenth of its roughly 16,600 global workforce, with most losses occurring in Germany and completed by end-2027. The reductions target annual savings exceeding 300 million euros. Key customers include the automotive, construction and semiconductor industries. The German chemical sector faces high energy costs, bureaucratic hurdles and intense foreign competition, contributing to weak demand. Wacker reported a third-quarter net loss of more than 80 million euros and cited competition from China. Industry production is at a three-decade low amid broader recessionary pressures in traditional German industries.
Read at The Local Germany
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