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German chemical firm Evonik to cut 3,200 more jobs (dpa-international.com)
submitted 4 days ago by schizoidman@lemmy.zip to c/europe@feddit.org
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German chemicals giant Evonik plans to cut another 3,200 jobs as part of a wider restructuring programme, the company said on Tuesday, as the sector continues to struggle with sluggish demand, US tariffs and high energy prices.

The German Chemical Industry (VDI) recently lowered its production forecast for 2026 to a decline of 1.5%, in what it has described as the sector's worst crisis since World War II.

Among other divisions, Evonik plans to discontinue its polyester business, which generated annual turnover of around €150 million ($171.8 million).

Evonik sees a good chance for growth in Asia and the United States, with the company saying it is currently examining investments in the regions.

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[-] inari@piefed.zip 1 points 3 days ago

China's eating Germany's lunch

[-] trollercoaster@sh.itjust.works 2 points 3 days ago

German CEOs outsourcing production to China in order to increase their profits ate what was left of Germany's lunch long ago.

[-] tardigrade@scribe.disroot.org 1 points 3 days ago

Those who may eat this lunch are very few in China. The country depends heavily on its export economy while domestic consumption and investments are down.

Among the 129 Chinese EV makers, for example, only three are profitable - despite the fact that the industry lives at the expense of its suppliers. Chinese companies have integrated supply chains and pay their suppliers much later than Western companies. And this is only one of the many supports Chinese companies get from their government - at the expense of not only customers abroad but also of the Chinese people.

Youth unemployment in China has been rising for a decade. It caused so much pain to Chinese officials that they suspended the data series, and reintroduced them with a new methodology aiming to make youth unemployment appearing lower than it is (the strategy isn't too successful as the youth unemployment doesn't stop: Chinese "gig economy" hires educated youth and white-collar workers as they get squeezed by weak domestic demand and AI adoption. In the meantime, almost half of China's workforce is hired by the gig economy.

If the EU and supposedly other regions apply export control measures, China's economy would soon suffer a second shock similar to the property crisis, the latter being not yet over.

this post was submitted on 22 Sep 2026
11 points (86.7% liked)

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