BASF expects majority of European job cuts to be handled via attrition

BASF (BASFn.DE) said it expects the majority of job cuts in Europe, part of as-yet unspecified cutbacks over the next few years, to be carried out through retirements and people moving to other jobs.

“The number of retirements in the next few years goes up significantly. And we also have positions that are not filled as … we have problems getting experts and well-trained people,” CEO Martin Brudermueller told analysts in a call, adding that new jobs could be found internally for some whose jobs are at risk.

“So I would expect that the majority of (job cuts) will be handled that way,” he said, adding that it remains to be seen whether other packages would be offered to people losing their jobs.