Wacker to slash 1,500 jobs by 2027; savings of EUR300 mn/year
In view of what it says is a “tense” business situation, German silicones firm Wacker Chemie is to make significant cost savings in its production environment and administration set-up, through job cuts mainly in Germany. Wacker posted a net loss of almost EUR105 million for the first nine months.
As already announced when the figures for the third quarter were presented, appropriate measures are currently being developed, the Munich-headquartered company says.
It says it will focus primarily on fixed production costs.
The company has now defined the target figure for the planned savings: The aim is to save more than EUR300 million a year in future. Half of the savings are to result from a reduction in personnel.
More than 1,500 jobs are expected to be cut worldwide as part of the planned reduction. The majority of the jobs are to be cut at the group's sites in Germany. The measures are to be fully implemented by the end of 2027, it furthered.
"We are currently working on measures to achieve our cost-saving targets," said Wacker President/CEO Christian Hartel. "The aim is to reduce our costs to a competitive level through savings. This will put Wacker back on the road to success."
At the same time, Hartel emphasised the need for competitive framework conditions. "Particularly in Germany, the excessively high energy prices and bureaucratic obstacles continue to act as a central brake on the successful development of the chemical industry."
Like many other companies in the chemical industry, Wacker says it is under economic pressure.
When presenting the figures for the third quarter, the group had already announced that the net income for 2025 would be negative.
The chemicals company has around 16,600 staff worldwide with around 10,700 in Germany.
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