Germany’s BASF SE says it plans to cut about 400 jobs at its construction chemicals business as it adjusts to a slump in building in parts of Europe.
BASF said Thursday that it aims to offer the affected employees jobs elsewhere in the company “wherever possible.” It plans to start talks with employee representatives immediately.
The construction chemicals division makes products that include cement additives and sealants. It has about 7,000 employees worldwide.
BASF said it had suffered from Spain’s burst real-estate bubble, drastically reduced investment in building projects in Greece, a weak building business in Italy and a significant decrease in construction activity in Britain over the past four years.