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Business

BASF Cuts Back in North America

As a result of higher energy prices and a decline in production orders, the German chemical giant BASF will pare down its investments in North America, according to CEO Jürgen Hambrecht. Speaking in New York on Tuesday, he said company costs would have to be cut back dramatically. Last summer the world’s largest chemical company introduced a two phase restructuring plan in the free trade zone Nafta with the aim of saving 250 million dollars by 2006. In the first phase, BASF will have to slash 1,000 jobs by the second quarter of this year.