Source: The Guardian

The Guardian recently reported that German chemicals giant BASF is slashing production at 180 plants worldwide in a bid to counter a slump in demand from key industrial customers. The Ludwigshafen-based company warned that slowing sales and order cancellations meant it would not match last year's earnings and the outlook for the coming year was difficult to predict.

BASF is temporarily shutting 80 plants and cutting production at another 100. according to the report.

"We already drew attention to the difficult economic situation at the end of October. Since then, customer demand in key markets has declined significantly," said J