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Investing.com -- Wacker Chemie has provided additional information about its PACE cost-savings program, which was initially announced with its third-quarter results.
The company’s shares rose 1.8% following the update.
The German chemical company has set a target of more than €300 million in annual savings, focusing on fixed production costs, with half of the reductions coming from personnel expenses. The plan includes cutting over 1,500 jobs, primarily in Germany.
The cost-saving measures specifically target Wacker’s chemicals businesses, which include silicones and polymers. Any additional savings from the polysilicon and bioenergy divisions would be supplementary to the announced target.
Wacker confirmed the initiative will begin in the first quarter of 2026, with full implementation expected by the end of 2027. The company has not yet disclosed implementation costs, stating that more details will be provided in early 2026.
This cost-cutting program comes as Wacker faces extended financial challenges, including an anticipated negative net income for 2025 and margin pressure from low solar polysilicon volumes and weak demand in chemical markets. The PACE initiative is designed to help counterbalance annual cost inflation of approximately 3%.
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