Wacker Chemie WCH 3.29%increase; green up pointing triangle plans to cut more than 1,500 jobs in a move to reduce costs and boost its edge against Chinese competition, delivering a new blow to a German labor market battling joblessness.
The Munich-based chemicals maker aims to save some 150 million euros ($173.9 million) a year by shrinking its workforce by about 9% through 2027, with most of the job losses coming domestically. That will make up half of a targeted 300 million euros in annual savings, mostly from lower fixed production costs, Wacker said.
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