Barclays Chemical ROC Stars Conference...products for the Chinese market (2009-2011) underway - Investment in new world-scale MDI plant in Chongqing, China considered (start-up 2014)
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1BASF Capital Market Story May 2010
Profitable growth loves ups and downsProfitable growth loves ups and downsMarkus Zeise Director Investor Relations
Chemical ROC Stars Conference, New York, May 18, 2010
2BASF Capital Market Story May 2010
Strong start to 2010
2.0
1.0
1.51.21.1
0.0
0.5
1.0
1.5
2.0
Q1 Q2 Q3 Q4 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 9% 4% 0% 4%
Q1’10 vs. Q1’09 24% (2)% 6% (2)%
EBIT before special items (billion €)
20102009
15.5
12.2 13.212.812.5
0
4
8
12
16
Q1 Q2 Q3 Q4 Q1
Sales (billion €)
20102009
3BASF Capital Market Story May 2010
Q1 2010 business development
Q1 2010 performance vs. Q4 2009
Strong upward momentum in industrial segments Restocking supported demand Sustainable improvement in Performance ProductsStrong results in Agricultural Solutions
Sales €15.5 billion (+17%)EBITDA €2.6 billion (+18%) EBITDA margin 17.0%EBIT before special items €2.0 billion (+32%)Net income €1.0 billion (+126%)Earnings per share €1.12 (+124%)Adjusted EPS €1.32 (+25%)
First quarter 2010 highlights
4BASF Capital Market Story May 2010
BASF Group EBITDA margin excl. non-deductible oil taxesEuropean chemical sector average**U.S. chemical sector average***
* before special items** Akzo Nobel, Bayer, Ciba, Clariant, DSM, Evonic Industries (Q1-Q3 2009),
ICI, Rhodia, Solvay, LBI (since 2008)*** Dow, Dupont, Rohm&Haas (until 2008), PPG, Lyondell (until 2007), Nova
Chemicals (Q1-Q3 2009) Source: Morgan Stanley, company reports
Outperforming sector margins due to well-balanced portfolio
EBITDA margins*
7.5%
10.0%
12.5%
15.0%
17.5%
20.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009
5BASF Capital Market Story May 2010
* According to German GAAP** Cash provided by operating activities less capex (in 2005 before CTA)
Record cash flow in 2009
Cash Flow (billion €)
Cash provided by operating activitiesFree cash flow**
6.3
3.8
-1
0
1
2
3
4
5
6
7
2001* 2002* 2003* 2004 2005** 2006 2007 2008 2009
6BASF Capital Market Story May 2010
Average annual dividend increase of 12.8%(2001-2009)
Dividend yield above 3% in any given year since 2001
Attractive dividend yield of 3.9% in 2009**
3.9%
Attractive shareholder returns
Key factsDividend per share (€)
1.70
0.70 0.700.85
1.00
1.50
1.95 1.95
0.65
0,0
0,5
1,0
1,5
2,0
2001 2002 2003 2004 2005 2006 2007 2008 2009
0.5
1.0
1.5
2.0
3.1% 3.9% 3.1%
* Dividend yield based on share price at year-end
3.2% 3.1% 4.1% 3.8% 7.0%Yield*
1 | Focus on operational excellence
2 | Well positioned for profitable growth
3 | Outlook
7
Earnings
Earnings
Costs
8BASF Capital Market Story May 2010
Vertical and horizontal integration of production plants, energy and waste flows, logistics and site infrastructure
Know-how Verbund
Energy Verbund and combined heat and power plants lead to- Savings of ∼2.6 million tons
oil equivalent p.a.- Reduction of CO2 -emissions
of ~6 million tons p.a.
8
Unique ‘Verbund’ concept Cost savings of >€500 million p.a. in Ludwigshafen alone
BASF site Ludwigshafen, Germany Verbund Concept
9BASF Capital Market Story May 2010
Transfer pricing based on market prices
Optimizing profitability along entire value chain through- make or buy decisions- captive use and/or- sales to 3rd parties
‘Verbund simulator’: customized BASF-IT solution supports decision making process
CM = Contribution Margin
Propylene Acrylic acid
Make or buy
Super- absorbents
DownstreamVerbundactivitiese.g. - solvents - plasticizers- polyurethanes
Sales to 3rd parties
Sales to 3rd parties
DownstreamVerbundactivitiese.g. - acrylic monomers- dispersions- surfactants
CM CM
CM
Verbund ensures margin optimization along entire value chain
Key factsExample: Operating division ‘Petrochemicals’
Naphtha
Propane
10BASF Capital Market Story May 2010
Since 2001 sales and earnings increased significantly
Fixed costs in 2009 only slightly above 2001 despite major acquisitions- Ciba- Engelhard- Degussa Construction Chem.
Ciba integration, restructuring measures and NEXT will drive fixed costs down
Fixed costs represent around 30% of total costs
Fixed costs indexed EBITDA indexedSales indexed
Tenacious fixed cost management
Key factsBASF Group development 2001-2009
TrendIndex
50
100
150
200
250
2001 2003 2005 2007 2009
11BASF Capital Market Story May 2010
Capex will remain below depreciation
Maintenance cost fully expensed∼€1.2 billion in 2009
5-year capex plan:∼€11.8 billion (2010-2014)
Capex 2010E:∼€2.5 billion
Biggest projects:- Nord Stream on-shore pipelines- Expansion of Verbund site
Nanjing, China- New oleum plant in Antwerp,
Belgium
Key facts
Ongoing capex discipline
Depreciation and amortization Capex; maintenance not includedCapex: payments related to property, plant and equipment and intangible asset
0
1
2
3
2001 2002 2003 2004 2005 2006 2007 2008 2009
D&A / Capex (billion €)
3.7
2.5
12BASF Capital Market Story May 2010
> 500 individual projects to simplify processes, structures and production sites in all regions
Project timeline:2008-2011
Annual earnings contribution of €300 million in 2009
Targeted earnings contribution by 2012:≥€1 billion
Completed restructuring programs New efficiency program NEXT
Sustainable improvement of cost base
New EXcellence Targets (NEXT)Annual earnings contribution (million €)
20120
500
1,000
1,500
2,000
2,500
2003 2005 2007 2009
13BASF Capital Market Story May 2010
130
350
Integration costs2009: €785 million2010: ~€200 million2011/2012: ~€100 million
Net reduction of positions- Target: 3,800- End of Q1 2010: >1,300
Ciba non-production sites- To be consolidated: 58- Exited: 43
23 Ciba production sites under strategic review- Planned exit: 14*(Thereof already implemented: 4)
Ciba integration: synergies exceed targets Structural integration of Ciba completed
Expected synergy run rate (million €) Impact of Ciba acquisition
450 >450Synergy Target
Synergy run rate Effective in 2009
* On two sites exit of production activities only
0
100
200
300
400
500
2009 2010 2011/2012 SteadyState
1 | Focus on operational excellence
2 | Well positioned for profitable growth
3 | Outlook
14
Earnings
Earnings
Costs
15BASF Capital Market Story May 2010
Leading positions in growth industries
and emerging markets
Ongoing portfolio
optimization
Excellent innovation platform
We strive to outperform global chemical production growth by at least 2 percentage points p.a.
Well positioned for profitable growth
Translate megatrends into business growthContinue expansion in Asia
Continue with active portfolio managementDrive portfolio closer to customers
Product and system innovation as growth driversStrong pipeline of innovations
Growth target:
16BASF Capital Market Story May 2010
Leading positions in growth industries and
emerging markets
16
17BASF Capital Market Story May 2010
These four end-use industries represent ~50% of BASF’s chemical activities
Growth in end-use industries Benefiting from broad business portfolio
* in % of BASF Group Sales 2008** 2009-12 p.a.
Automotive
Construction
Electrical/Electronics
Food
Inorganics
Petrochemicals
Intermediates
Performance Polymers
Polyurethanes
Dispersions& Pigments
Care Chemicals
Paper Chemicals
Performance Chemicals
Catalysts (incl. precious metals)
Construction Chemicals
5.0 - 7.5%
2.5 - 5.0%
5.0 - 7.5%
2.5 - 5.0%
Coatings
10-15%
10-15%
~5%
~5%
Communication
Health & Nutrition
Housing
Mobility
Sales by industry* Bubble size: net sales to 3rd parties Global growth**
18BASF Capital Market Story May 2010
Ultramid®
for light-weight motor parts
Terblend N® and Terluran®
for high-quality plastic components
Neopolen®
for absorption of collision energy
Lumogen® Black and Sicopal ® Blackfor heat reduction of dashboards Cellasto®
for enhanced passenger comfort and safety
UV-cured coatingsHigh environmental compatibility, rapidcoating process
Astacin® leather finishesenvironment-friendly
Catalystsfor purification of exhaust fumes and reduction of NOx and CO
Growth driversShare of plastics in medium-sized cars expected to grow from today’s ~15% to over 25% in 2020Global automotive market expected to grow by 5.0-7.5% p.a. mid-term
Value for our customers and the environment
Substitution of metal parts by lighter plastic leads to weight reduction of approx. 50%Every 100 kg weight reduction cuts- fuel consumption by 0.35 l/100 km- CO2 -emissions by 10.3 g/km
Keropur®
Fuel additives help reducefuel consumption
Innovative system supplier to the automotive industry
Business case plastics BASF’s plastics sales* to auto- motive industry €1.4 billion
Benefiting from trend to more efficient cars Sustainable value for our customers and the environment
*by first customer industry in 2009
19BASF Capital Market Story May 2010* Value generated through the plant biotech trait across the respective value chain; 1 Partner CTC; 2 Partner: KWS
Future nutrition of growing world population Plant biotechnology pipeline taps into huge market potential
Development Discovery Stage I Stage II Stage III Stage IV Market Value*Identifying
genes & proof of concept
up to 6 years
Look for proof of
concept II up to 4 years
Early product development
up to 3 years
Advanced product
development up to 2 years
Pre-Launch
up to 3 years
Superior agricultural productivity
Better and healthier nutrition/feed
Plants as renewable raw materials
Improved amino acid
High oil
Healthier fatty acids (Omega-3&6)
Amylopectin
Herbicide tolerance
Fungal resistance
Yield & stress (corn, soybean, cotton, canola)
< $100 million
$100-200 million
> $2 billion
< $100 million
$300–500 million
Yield & stress(sugarcane1, sugar-beet2)
20BASF Capital Market Story May 2010
Clear growth targets for Asia PacificBASF expects to double sales to €20 billion in Asia Pacific by 2020
Earn a premium on our cost of capital
Strengthen market focus through industry and customer target groups
Develop and market innovations in Asia for Asia
Invest in Asia to generate 70% of sales in Asia Pacific through local production
- Investments of €2 billion planned for 2010-2014- Expansion of Nanjing Verbund site to produce downstream
products for the Chinese market (2009-2011) underway- Investment in new world-scale MDI plant in Chongqing,
China considered (start-up 2014)
Improve operational excellence in Asia Pacific- At least €130 million p.a. earnings contribution by 2012
Growth in emerging markets Outgrow Asian chemical market by 2 percentage points p.a.
Verbund site Nanjing, China
21BASF Capital Market Story May 201021
Ongoing portfolio optimization
22BASF Capital Market Story May 2010
BASFcore
businesses
Powerful partnerships
Major acquisitions Major divestitures
Pharmaceuticals
Fertilizers
Refineries
Fibers
Printing systems
Polyolefins (Basell)
Polystyrene North America
Agchem generics
Premix
Crop protection
Superabsorbents
Oil & Gas (Revus)
Engineering Plastics
Electronic Chemicals
Custom synthesis
Catalysts (Engelhard)
Construction Chem.
Water-based resins
Pigments (Ciba)
Plastic additives (Ciba)
16 billion Euro(Sales)
10 billion Euro**(Sales)
GazpromMonsantoPetronasShellSinopecTotal
* to be divested; ** not including Styrenics business
Selected transactions 1999 to date
Styrenics*
Pro-active portfolio management
23BASF Capital Market Story May 2010
0
1
2
3
4
5
6
7
2001** 2003** 2005 2007*** 2009
BASF Group more profitable in 2009 than in last trough (2001-2003) as a result of- rigorous cost savings- active portfolio management
Oil & Gas and Agro businesses provide a substantial earnings basis – their combined earnings in 2009 were higher than total BASF Group earnings in previous trough year 2001
Key facts
Strength through diversity: Active portfolio management pays off
Chemical activities Agricultural Solutions
EBIT* before special items by activity (billion €)
Oil & Gas
* Without ‘Other’ and without non-compensable foreign taxes on oil production** Based on German GAAP*** As of 2007 according to new segment structure (excl. Styrenics and corporate costs)
24BASF Capital Market Story May 201024
Excellent innovation platform
25BASF Capital Market Story May 2010
Targeted annual sales from product innovation*:2010: up to €6 billion2015: €6-8 billion
Five Growth Clusters:- Nanotechnology- Energy Management- Plant Biotechnology- Industrial Biotechnology- Raw Material Change
Budget for Growth Clusters (2009-2011):up to €1 billion
R&D spending in 2010 planned on similar level
24%
1%
Innovation will spur further growth
Key facts
* New or improved products or new applications, max. 5 years on market, including Growth Clusters
Total R&D expenditures 2009 (billion €)
Oil & Gas1% Corporate Research
23%
Agricultural Solutions
25%Performance Products20%
Functional Solutions12%
Chemicals9%Plastics9% €1.4
billionOther
1%
26BASF Capital Market Story May 2010
2.50
2.75
3.00
3.25
3.50
3.75
4.00
5,000 7,000 9,000 11,000 13,000
Com
petit
ive
impa
ct
BASF BayerDuPontDow
Competitive impact* versus size of patent portfolio for chemical peers,development 1998 - 2008
* Defined as market coverage x citationsPortfolio size
Acquisition of Ciba
BASF’s patents grew in number and impact Acquisition of Ciba further enhanced BASF’s patent position
Company Structure as of end 2009; BASF without Ciba
Source: Otto-Beisheim School of Management (WHU), Germany; study Prof. Ernst
27BASF Capital Market Story May 2010
Construction Chemicals Crop ProtectionPolyurethanes
Elastopave®
Intelligent bonding of stones for road and lane constructionBecause of open-pored bon-ding of stones and PU a drainage pavement system is generated
X-SEED®
Unique concrete hardening acceleratorMakes concrete application more efficient, reduces CO2emissions related to concrete production and lowers energy consumption
Peak sales: ∼€30 millionPeak sales: ∼€15 million Peak sales: >€200 million
Kixor®
Innovative, highly effective herbicide against broadleaf weeds in key cropsWith both contact and residual activity
Strong innovation pipeline Exciting new product launches
1 | Focus on operational excellence
2 | Well positioned for profitable growth
3 | Outlook
28
Earnings
Earnings
Costs
29BASF Capital Market Story May 2010
Back to growth in all regions in 2010
Outlook for Gross Domestic Product 2010 (%)*
United States
Western Europe
Japan
Asia excl. Japan
South America
World
Outlook for Gross Domestic Product (%)*
Recovery of the global economy; moderate rise in global GDP (+2.7%)
Recovery likely to be slow and uneven
Growth in global industrial production (+4.9%)
Growth of global chemical production without pharma (+5.3%)
Average oil price (Brent) of $75/bbl
Average exchange rate of $1.40 per €
Basic assumptions for 2010
2.6
1.1 1.3
7.0
3.72.7
8.0
6.0
4.0
2.0
0
10.0
* Real change compared with previous year; Chemical production excl. pharma
30BASF Capital Market Story May 2010
Improved outlook for our key customer industries
Key customer industries of BASF
Decline in 2009 * (World)
Growth forecast 2010 * (World)
Industries total -8.3% +4.9%
Construction -5.2% +1.8%
Automotive (per-unit-base) -11.6% +7.3%
Electronics -9.8% +3.9%
Information & Communications -7.3% +7.3%
Textiles -10.0% +3.0%
Paper -6.2% +3.2%
Nutrition +0.2% +2.8%
Agriculture +0.2% +1.9%
* Real change compared with previous year
31BASF Capital Market Story May 2010
We aim to continuously increase the annual dividend, or at least maintain it at the level of the previous year.
We aim to grow sales on average by two percentage points per year above chemical market growth.
We strive for an EBITDA margin of 18% until 2012.
We expect sales to outpace global chemical production growth.
We expect to increase sales and to significantly improve EBIT before special items.
We expect to again earn a premium on our cost of capital.
Outlook 2010
Outlook
Medium-term targets
Dividend policy
32BASF Capital Market Story May 2010
This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. BASF has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements.
Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and BASF does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.
Forward-looking statements
33BASF Capital Market Story May 2010
34BASF Capital Market Story May 2010
* Styrenics reported under ‘Other’
Percentage of sales 2009
Chemicals
15%
Plastics*
14%
Functional Solutions14%
Performance Products18%
Agricultural Solutions7%
Oil & Gas
22%
Construction Chemicals
Inorganics
Petrochemicals
Intermediates
Performance Chemicals
Coatings
Dispersions & Pigments
Performance Polymers
Polyurethanes
Crop Protection
Exploration & Production and Natural Gas Trading
Care Chemicals
Catalysts
Paper Chemicals
BASF today – a well-balanced portfolio Total sales 2009: €50.7 billion
35BASF Capital Market Story May 2010
Million € Q1 2010 Q4 2009 Δ% Q1 2009 Δ%Sales
changes due to - volumes - prices - portfolio - currencies
15,454 13,174 +17%
+9% +4%
0% +4%
12,219 +27%
+24% (2)% +6% (2)%
EBITDA 2,627 2,232 +18% 1,587 +66%
EBIT before special items 1,954 1,479 +32% 985 +98%
Special items (114) (473) . (57) .
EBIT 1,840 1,006 +83% 928 +98%
Net income 1,029 455 +126% 375 +174%
EPS (€) 1,12 0,50 +124% 0,41 +173%
Adjusted EPS (€) 1,32 1.06 +25% 0.55 +140%
Financial highlights Strong earnings improvement in Q1
36BASF Capital Market Story May 2010
Chemicals Strong volume growth and margin expansion
Intermediates583+17%
Inorganics282
+7%
Petrochemicals1,723+24%
€2,588 +20%
258
364315
84
461
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 7% 8% 0% 5%
Q1’10 vs. Q1’09 38% 33% 0% (5)%
Q1’10 segment sales (million €) vs. Q4’09 EBIT before special items (million €)
20102009
37BASF Capital Market Story May 2010
Plastics Higher volumes offset increased raw material costs
Polyurethanes1,220+8%
Performance Polymers
977+20%
€2,197 +13%
279
(29)
251216
138
-100
0
100
200
300
Q1 Q2 Q3 Q4 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 5% 4% 0% 4%
Q1’10 vs. Q1’09 44% 9% 0% (3)%
Q1’10 segment sales (million €) vs. Q4’09 EBIT before special items (million €)
20102009
38BASF Capital Market Story May 2010
419
123
209
286
80
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 7% 1% 0% 3%
Q1’10 vs. Q1’09 27% (2)% 47% (1)%
Dispersions & Pigments
723+15%
Performance Chemicals725
+7%
Paper Chemicals420+6%
€2,871 +11%
Care Chemicals1,003+13%
Q1’10 segment sales (million €) vs. Q4’09 EBIT before special items (million €)
20102009
Performance Products Sustainably higher earnings supported by synergies
39BASF Capital Market Story May 2010
Catalysts1,064+26%
Construction Chemicals432
(9)%
Coatings594
+0%
€2,090 +10%
48
106 101
(46)
111
-100
-50
0
50
100
150
Q1 Q2 Q3 Q4 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 1% 4% 0% 5%
Q1’10 vs. Q1’09 22% 12% 0% (1)%
Q1’10 segment sales (million €) vs. Q4’09 EBIT before special items (million €)
20102009
Functional Solutions Demand from automotive industry improved
40BASF Capital Market Story May 2010
Agricultural Solutions Continuous strong performance
321344
0
100
200
300
400
Q1 Q1
Sales developmentPeriod Volumes Prices Portfolio Currencies
Q1’10 vs. Q4’09 57% 0% 0% 6%
Q1’10 vs. Q1’09 2% (1)% 0% (1)%
Q1’10 segment sales (million €) vs. Q1’09 EBIT before special items (million €)
20102009
0
200
400
600
800
1,000
1,200
Q1 Q120102009
1,1451,145
41BASF Capital Market Story May 2010
213
273
0
200
400
600
800
Q1 Q1
Exploration & Production1,025(1)%
Natural Gas Trading
2,200(23)%
€3,225 (17)%
Sales developmentPeriod Volumes Prices/Currencies Portfolio
Q1’10 vs. Q4’09 16% 8% 0%
Q1’10 vs. Q1’09 17% (34)% 0%
254 145
EBIT bsi Natural Gas TradingEBIT bsi Exploration & Production
Net income
Q1’10 segment sales (million €) vs. Q1’09 EBIT before special items / Net income (million €)
20102009
471484
725629
Oil & Gas Low gas prices impacted sales and earnings
42BASF Capital Market Story May 2010
Review of “Other”
Million € Q1 2010 Q1 2009
Sales 1,338 916
thereof Styrenics 792 517
EBIT before special items (266) (216)thereof Group Corporate Costs
Corporate Research Currency results, hedges and other valuation effects Styrenics, fertilizers, other businesses
(51) (82)
(136)
101
(54) (81)
(193)
109
Special items (34) (52)
EBIT (300) (268)
43BASF Capital Market Story May 2010
Regional results Q1 2010 vs. Q1 2009 Strong earnings improvement in all regions
Million € Sales* Q1 2010
Sales* Q1 2009
Δ% EBIT** Q1 2010
EBIT** Q1 2009
Δ%
Europe 8,957 8,007 +12% 1,251 799 +57%thereof Germany 6,466 6,065 +7% 918 428 +114%
North America 3,167 2,151 +47% 329 70 +370%
Asia Pacific 2,556 1,481 +73% 310 52 +496%
South America, Africa, Middle East 774 580 +33% 64 64 0%
* based on location of company ** before special items
•
44BASF Capital Market Story May 2010
Cost of capital
Million € 2009 2008
EBIT 3,677 6,463
Less EBIT of “Others” (627) (930)
Less non-compensable foreign income taxes for oil production 870 1,851
Less cost of capital* 3,660 3,921
EBIT after cost of capital (226) 1,621
* In 2009 9% (in 2008: 10%) on the average operating assets of the segments
45BASF Capital Market Story May 2010
Region Site / plant closures Site / business divestituresEurope Inorganics Frankfurt, Germany Coatings Verbania, Italy
Intermediates Feluy, BelgiumPerformance Polymers Rudolstadt, Germany
Tarragona, Spain Ludwigshafen, Germany
Construction Chemicals Swinton, UK Altlandsberg, Germany
Styrenics Ludwigshafen, Germany
North America Coatings Decatur, USA Belvidere, USA
Catalysts East Newark, USA
Asia Pacific Intermediates Ulsan, Korea Catalysts Nanjing, ChinaConstruction Chemicals Ansung, KoreaCoatings Ako, JapanStyrenics Ulsan, Korea
South America Africa Middle East
Styrenics Sao José Dos Campos, Brazil
Pro-active asset optimization Close or divest ~20 plants and sites in 2009/10
46BASF Capital Market Story May 2010
Plastic Additives - Thomastown, Australia - Goa, India
Ciba site consolidation is progressing
Paper Coatings Chemicals - Guturribay, Spain - Kaipiainen, Finland - Ribécourt, FrancePaper Sizing Agents - Gron/Sens, France - Tolosa, SpainPaper Starch - Lapua, Finland - Mietoinen, Finland - Kokemäki, Finland
Paper Chemicals
R&D
Paper Chemicals Paper Starch - Berwick, USAPaper Functional Chemicals - Estrada do Colegio, Brazil
Division
Americas &Asia Pacific
Europe
Region Planned site/plant closures/divestitures: 14
Pilot plant - Klybeck, Switzerland*
Performance Chemicals
Performance Chemicals Formulation Water Treatment - Saint-Denis, France*
* Exit of production activities only
47BASF Capital Market Story May 2010
Our new image campaign “We create chemistry”
48BASF Capital Market Story May 2010
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