BASF to Consider Job Cuts at Finland Site
By Nina Kienle
BASF said it would consider job cuts at its plant in Finland due to a lengthy permitting process with unclear outcomes.
The German chemical company said Thursday that the layoffs would be considered for an indefinite period, potentially impacting all employees at the Harjavalta site.
The layoffs come part of the change negotiations that BASF has commenced following the lengthy permitting process with unclear outcomes, leading to an unpredictable timeframe for receiving a final, unappealable permit, the company said.
Change negotiations are a statutory consultation process in Finland with employee representatives that are conducted if an employer is considering potential layoffs or other redundancy measures. The process lasts for six weeks with any possible measures being decided by the company after the process is completed, BASF said.
The change negotiations are scheduled to commence on April 15, it said.
The company's precursor cathode active materials plant in Finland received first approvals in 2020, after what it called an extensive environmental impact assessment. Since then it said it has faced appeals, setbacks and uncertainty about the future of the site.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
April 11, 2024 05:00 ET (09:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations