OQ Chemicals launches cost reduction plans and organizational restructuring in Germany

As one of the leading manufacturers of oxo Chemicals, OQ Chemicals faces challenges from high raw material and energy prices, as well as inflation rates, especially in Europe. In order to maintain competitiveness in today's rapidly changing economic and geopolitical environment, the company is implementing a two-year cost savings plan, which includes organizational restructuring and layoffs in Germany.

OQ Chemical plans to outsource service areas such as technical workshops and logistics to external partners, and reduce non production jobs by 10% in a socially responsible manner. These measures will result in long-term annual cost savings within the double-digit range of millions of euros. The goal of organizational change is to focus on core business and establish a more effective structure to meet the current and future requirements of a successful medium-sized chemical company. OQ Chemistry will strengthen its digital plan and further develop its product portfolio. The company's sustainable development plan 'reduction' will play an important role in achieving climate neutrality for OQ Chemical by the middle of this century.

We are addressing the challenges posed by Germany's constantly changing environment to ensure that our company is prepared for the future. The cost pressure is enormous - During last year, we incurred additional energy costs of up to millions of euros. We will take all necessary measures to make structural adjustments socially responsible and retain job positions as much as possible. Through a more streamlined, carefully designed, and efficient structure, We are ensuring our factory in Germany and will continue to reliably provide our global customers with the basic components they need.