basf
The outgoing top executive at Germany's BASF, Martin Brudermüller, warned of challenges and continued turbulent times ahead during his final day at the helm of the global chemical giant. The 62-year-old Brudermüller told his successor, Markus Kamieth, at the company's annual meeting on Thursday that the company must find a way to increase profitability, especially at its largest plant in the western German city of Ludwigshafen. BASF, the world's largest chemical company, has been under intense cost and margin pressure in multiple markets and has also struggled with volatile energy costs in Ger...
DPA
The German chemical company BASF said on Thursday that its first-quarter net income dropped to €1.37 billion ($1.47 billion) from last year's €1.56 billion - a 12.4% decline. Earnings per share were €1.53, lower than €1.75 in the prior year. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) dropped 5.6% year-over-year to €2.66 billion, and EBITDA before special items amounted to €2.71 billion, down 5.3% from last year. The EBITDA margin before special items was 15.4%, up from 14.3% in the prior-year quarter. Sales in the first quarter amounted to €17.55 billion, 12.2% low...
DPA
German chemicals giant BASF is to take a 49% stake in a planned offshore windfarm being built in the North Sea by Sweden's Vattenfall power generator, the two companies announced on Monday. BASF, one of the world's largest chemicals producers, will own half the electricity generated by Nordlicht 1 and 2 for use at its production sites in Europe. Its Ludwigshafen headquarters on the Rhine in Germany will benefit in particular. Vattenfall is to build the windfarms, raising the renewables proportion in its portfolio. No details on price were released. In 2021, BASF took a 49.5% stake in Vattenfal...
DPA
Jobs at German chemical company BASF's plant in Harjavalta, Finland, are at stake due to repeated delays and a court impasse over obtaining permits from authorities. BASF warned on Thursday that it is now considering indefinite layoffs of all employees at the plant if the permitting issue is not resolved. The chemical company plans to produce precursor chemicals for batteries at the plant, but efforts to win regulatory approval in Finland in order to commission the facility have been dragging on for years. Most recently, a Finnish court suspended an environmental permit granted at the end of 2...
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German chemicals firm BASF said on Wednesday that it plans to change the names of two of its plants in China to better reflect the scope of their operations. BASF said it is changing the name of two dispersions plants, BASF Paper Chemicals Huizhou and BASF Paper Chemicals Jiangsu, to BASF Specialty Material Huizhou and BASF Specialty Material Jiangsu. Jeff Liu, business director for Dispersions Greater China at BASF, said: "Besides supplying paper coatings, these two production plants also supply a wide range of water-based polymer dispersions to various industries, including construction, pai...
DPA
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...
DPA
German chemical and battery giant BASF saw a return to profit in fiscal year 2023, with a net income of €225 million ($244 million), compared to a loss of €627 million in 2022. Income from operations (EBIT) before special items in the 2023 business year amounted to €3.8 billion. The decline of €3.1 billion compared with the prior-year figure was primarily due to a considerably lower earnings contribution from the Chemicals and Materials segments. EBIT was €2.2 billion in 2023; the steep decline compared with the prior-year figure resulted primarily from special items amounting to minus €1.6 bi...
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