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BASF aims to grow smartly in Asia Pacific

January 1/1

MOSCOW (MRC) -- BASF is implementing its global strategy in Asia Pacific with a set of ambitious targets and a focus on sustainability, said the company.

To achieve sales of EUR25 billion to customers in the region by 2020, BASFs Asia Pacific strategy "grow smartly" outlines investments of EUR10 billion, around 9,000 new jobs, and annual savings of EUR1 billion. Around 25% of BASFs global R&D will be conducted in Asia Pacific by 2020, to develop innovative solutions that address the regions challenges of resource efficiency, food and nutrition, and quality of life.
"In the next decade, Asia Pacific will face huge challenges while remaining the fastest growing market for the chemical industry. With our Asia Pacific strategy, we are positioning BASF as the leading provider of sustainable solutions for the Asia Pacific region," said Dr. Martin Brudermuller, Vice Chairman of the Board of Executive Directors of BASF SE, responsible for Asia Pacific. "Based on our strong global R&D network, we will considerably strengthen our innovation capabilities in Asia Pacific, enabling us to better serve our customers in all industries in the region."
BASF estimates the cumulative annual growth rate (CAGR) for real chemical production through 2020 for Asia Pacific at 6.2%, well above the world average of 4.0%. According to its strategy, BASF intends to grow profitably at least two percentage points above regional chemical production to achieve sales of EUR25 billion in Asia Pacific by 2020.

As MRC wrote earlier, Toyo Engineering has reached a comprehensive engineering partnership agreement with BASF for the Asia-Pacific region. The three-year agreement covers basic engineering, detailed engineering, procurement, construction management, and other project-related services in the region's petrochemical and chemical sectors.
BASF is the worlds leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. BASF had sales of EUR72.1 billion in 2012 and more than 110,000 employees as of the end of the year.
Author:Anna Larionova
Tags:Asia, PP, PS, PE, BASF.
Category:General News
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