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Wacker to cut 1,500 jobs as company sharpens cost-saving program
Wacker has detailed its cost-saving program, targeting more than EUR 300 million in annual savings and planning to cut over 1,500 jobs worldwide by the end of 2027.
Wacker has provided further details on its “PACE” cost-saving program launched in October. The company aims to reduce annual costs by more than EUR 300 million, focusing primarily on fixed manufacturing expenses and administrative structures.
Around half of the targeted savings will be generated through workforce reductions. More than 1,500 positions are expected to be eliminated worldwide, with the majority located at German sites. Implementation will begin in the first quarter of 2026 and is scheduled for completion by the end of 2027.
Background: Project PACE and the focus on fixed costs
CEO Christian Hartel stated that Wacker needs to structurally lower its cost base to regain competitiveness. He also pointed to high energy prices and regulatory hurdles in Germany, which continue to weigh on the chemical sector.
Like many companies in the chemical industry, Wacker operates in a challenging market environment and has already forecast a negative result for 2025.
