Dec. 2 Business Watch: Europe’s slump continues; Protego raises money for misfolded proteins

One term that we’re seeing more often in the business press in reference to Europe is “deindustrialization.” Because of overseas competition, particularly from China, and relatively high costs, especially for energy, manufacturing plants of every kind are closing throughout Europe. Just this past week, Wacker announced layoffs and Resonac said it would reduce graphite-related jobs in Germany. And the fear is that Europe won’t bounce back as it would from a normal downturn—hence deindustrialization.However, trends do change in unexpected ways. In the 2000s, the US chemical industry was also on the ropes because of high natural gas costs. Firms were even developing terminals for liquefied natural gas imports. But by the end of the decade, shale gas development in the US reversed the competitive picture and led to the biggest boom in US chemical production in generations. Perhaps Europe is also in for a turnaround we can’t foresee.Questions? Comments? Tips? Let us know. Email Alex Tullo, C&EN's senior correspondent for business, at [email protected] Stories from C&ENBusiness in briefWacker cuts jobs as trade group bemoans Europe’s continued plightThe European Chemical Industry Council (Cefic) expects a down 2025 for the struggling European chemical sector as yet another chemical firm, Wacker Chemie, announces a painful round of cost-cutting measures. The German specialty chemical and polysilicon maker aims to shed about $350 million in expenses by the end of 2027. As part of the planned reduction, Wacker intends to eliminate more than 1,500 jobs—most of them in Germany. "Particularly in Germany, the excessively high