BASF Calls First Phase of Restructuring ‘Largely Completed,' Takes Aim at Further Moves
MOUNT OLIVE, NJ - BASF said it has "largely completed" the first phase of a two-phase restructuring program for its operations in North America, with a second phase currently under way. The restructuring program, announced in August 2003, is aimed at reducing fixed costs by $250 million annually by 2006.
BASF also said it will seek to achieve additional savings by relocating its North American regional headquarters from Mount Olive, NJ, to smaller offices in Florham Park, NJ, by the end of the third quarter. The company said it plans to sell the current headquarters facility, which is less than 40% utilized following the 2001 sale of Knoll Pharmaceuticals.