Chemical slump deepens: Wacker Chemie to cut 1,500 jobs; German sector hit by high energy costs and weak demand

German chemical giant Wacker Chemie is set to eliminate 1,500 jobs, approximately 10% of its global workforce, by the end of 2027. This significant reduction, primarily in Germany, is part of a strategy to save over 300 million euros annually. The company cited weak demand, intense competition, and high energy prices as key drivers for these measures.