The world's largest chemical producer, Germany's BASF, said on Wednesday it is making progress with its cost-cutting programme and corporate restructuring.
The number of full-time positions at BASF's headquarters in Ludwigshafen fell below 30,000 in May for the first time since 1954.
The development comes as chief executive Markus Kamieth presented the final figures for the second quarter, confirming preliminary results published two weeks ago.
"We have reduced our costs, cut capital expenditure and increased the utilization of our plants," Kamieth said. He said BASF had cut more jobs in the first half of 2026 than in the previous two years combined.
From January 2024 to the end of June 2026, the company eliminated around 7,000 positions worldwide, he said. The figure does not include headcount reductions resulting from divestments or the expansion of staff at the integrated production site in Zhanjiang, China.
In the second quarter, net income surged to €4.14 billion ($4.72 billion) from €79 million last year. Earnings per share were €4.78, up from €0.09 a year ago.
The latest results included a gain after taxes of €3.5 billion from the sale of BASF's coatings business to Carlyle.