German chemicals conglomerate BASF said it would cut up to 200 jobs at its coatings unit by the end of 2021, pointing to the downturn in the global car industry.
The job cuts at its site in the western city of Muenster will be reached through attrition and a volunteer programme, the company said in a statement on Thursday.
By Thomas Seythal
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.