Ludwigshafen-based BASF announced Tuesday it would cut 500 jobs in its specialized chemicals business in response to changing market conditions.

"Some of our divisions are facing a changed business environment in some market segments, with new competitors and standardization requirements," the company said in a statement.

It added that most job cuts would affect the Basel region in Switzerland where BASF has a large research center.

The chemicals and oil firm said necessary layoffs would be carried out in a responsible manner, meaning that employment opportunities elsewhere in the company would be found for as many people as possible.

Efficiency drive

The affected units also knows as the Performance Products division make plastic additives, pigments and specialized chemicals for use in a range of leather and textile products.

The company which was to state its first-quarter results on April 26 said the job cuts would be carried out by the end of 2015.

In March of this year, BASF already announced restructuring measures in its segments concerning water, oil field and mining chemicals. It said 215 jobs would have to go as a result, most of them in its British facilities in Bradford and Grimsby.

hg/rc (AP, Reuters, dpa)