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(BASF) -- BASF announced its integration plans for Cognis.
BASF expects to achieve an additional EBIT of EUR 275 mln (10.6% of Cognis’ 2009
net sales) through the integration. This consists of growth synergy targets to
generate an additional EBIT of EUR135 mln by 2015 and cost synergies of around
EUR 140 mln which will be achieved by the end of 2013.
To achieve the growth targets 230 additional jobs will be created
worldwide, mainly in the Care Chemicals division. At the same time, BASF plans
to reduce 680 positions due to overlaps in functional and administrative units
as well as measures to improve efficiency. This means an overall reduction of
450 positions in the BASF Group, most of which will be realized by the end of
2012. The employees will be offered a suitable position within BASF whenever
possible.
By the end of 2013, BASF expects one-time integration costs of around EUR
290 mln, excluding an inventory step-up of EUR 120 mln in 2010/2011. The
integration will already be accretive as of 2012, less than two years after the
acquisition.
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