As part of their new restructuring plan, the german chemicals giant BASF announed that they are planning to cut up to 3,700 jobs by 2013.

BASF Chairman Jürgen Hambrecht said the foillowing

"This is unfortunately not good news for some of our employees," said BASF Chairman Jürgen Hambrecht.

"But the combined businesses can be successful in the long term only if we optimize them and exploit the full potential for synergies.

"I promise all our employees that we will keep the period of uncertainty as short as possible and will make decisions in a fair and transparent way."