BASF Unveils Core Shift—A Bold €8B Cost-Cutting Drive by 2029
Chemical giant BASF has launched a major cost-cutting initiative called Core Shift. The programme aims to reduce fixed costs in its core business by up to 20% by 2029. CEO Markus Kamieth described it as one of the largest optimisation efforts in the company’s history. The new strategy focuses on streamlining and standardising BASF’s organisation and processes. A large share of the savings will come from personnel costs, likely leading to further job reductions. However, Kamieth did not disclose the exact total savings target.
BASF’s core operations currently bring in around €40 billion in revenue. The company stressed that Core Shift is not a reaction to economic downturns but part of a long-term plan set in motion since 2024. The programme sets a 2024 baseline for measuring progress toward its 2029 cost-reduction goal. BASF expects structural changes to improve efficiency across its core business. The full impact on jobs and operations will become clearer as the plan unfolds.
