BASF complex in Ludwigshafen, Germany. Credit: BASF
Businesslend: BASF to downsize 'permanently' in Europe
BASF has stated it should downsize “permanently” in Europe, with excessive power prices making the area more and more uncompetitive.
The assertion from the world’s largest chemical substances group by income got here after it opened the primary a part of its new €10bn plastics engineering facility in China a month in the past, which it stated would help rising demand within the nation.
“The European chemical market has been growing only weakly for about a decade [and] the significant increase in natural gas and power prices over the course of this year is putting pressure on chemical value chains,” chief govt Martin Brudermüller stated on Wednesday.
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WNU Editor: BASF downsizing its operations in Europe and moving elsewhere is a shock.
This company provides critical materials and supplies to numerous companies throughout Europe and is critical to the industrial base of Europe. If BASF closes down, these companies that employ hundreds of thousands will also be force to close. To say that this is a recipe for mass unemployment followed by mass unrest is an understatement.
To give you an indication of BASF's size, its largest plant uses more natural gas than Switzerland .... The biggest corporate victim of Europe’s energy crisis may be a $93 billion chemical giant whose flagship plant uses as much gas as Switzerland (Fortune).
In March President Biden and European leaders told everyone that sanctions will implode the Russian economy. It looks like the reverse is happening.
4 comments:
This was of course well understood to be inevitable by all the MBA's and PhD's in the state dept and the EU parliament. They do not represent the interests of America or of Europe. They represent the stateless slave owning class. And now that the global south has developed a taste for sovereignty they are turning inward, sequestering off trade to only occur within the limits of the empire, and to milk thei/r domestic populations for all they can.
The Europeans considered themselves predominant. That the wolf they shared a bed with would never get hungry enough to take a bite. Act like prey, get treated like prey.
It is very obvious that the Greens that is communists need to be exiled.
Besides the power trip all these environmental type get tickled pink (red) seeing all those African children manual dig for cobalt for their "clean" cars. It heartens them to see scenes reminiscent of the antebellum South.
EU has been on an industrial downtrend for as long as I can remember
"EU has been on an industrial downtrend for as long as I can remember"
That is called asshole rent seeking politicians feathering their nest and royally fucking over they former country men.
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