German chemical and battery giant BASF is launching a cost-cutting plan due to weak demand in Europe. Additional costs of €1 billion ($1.1 billion) are to be saved annually at the German site in Ludwigshaven by 2026, the company announced on Friday. Fixed costs are to be reduced by increasing efficiency and production capacities are to be adapted to market requirements. “The program will therefore also unfortunately lead to further job cuts,” said chief executive Martin Brudermüller. Details are currently being worked out and employee representatives are closely involved in the further process…