Share

BASF to invest €10bn in Asia-Pacific

Frankfurt - German chemicals giant BASF said Tuesday it plans to invest €10bn ($13bn) in the fast-growing Asia-Pacific region between now and 2020, creating up to 9 000 new jobs there.

BASF said in a statement it aims to generate annual sales of €25bn in the region by 2020, up from €11.7bn - or 16% of overall group sales - in 2012.

The group said that the cumulative annual growth rate for real chemical production for Asia Pacific is estimated at 6.2% through 2020, well above the world average of 4.0%.

And BASF's aim is to "grow profitably at least two percentage points above regional chemical output."

"To achieve this, BASF plans to invest €10bn together with its partners by 2020 to further develop its local production footprint in Asia Pacific," the statement said.

It aims to produce around 75% of the total products it sells in Asia in the region by 2020.

BASF said it currently operates more than 100 production sites in the Asia Pacific region, including two highly-integrated sites n Kuantan, Malaysia and in Nanjing, China.

"In the next decade, Asia Pacific will face huge challenges while remaining the fastest growing market for the chemical industry," said BASF executive board member Martin Brudermueller.

BASF said it aims to conduct 25% of its global research and development (R&D) in Asia Pacific by 2020, with a total of around 3 500 R&D personnel in the region, up from around 800 in 2012.

It plans to establish research facilities in the areas of electronic materials, battery materials, agriculture, catalysis, mining, water treatment, polymers and minerals, it said.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders