BASF’s agchems buck global business decline
Demand for BASF’s crop protection products remained high amid “disappointing” business in December and the first half of January for other parts of BASF’s operations. The company has declared that the “greater than expected” decline in business will negatively impact overall earnings. “We do not expect the economic environment to improve in the coming months,” says BASF chairman Dr Jürgen Hambrecht. The group reduced capacity utilisation at its production plants for other businesses in November. But this was not done for the crop protection division, which has reiterated its plans to invest in additional capacity ( Agrow No 549, p 1). BASF’s crop protection sales increased by 12.9% in the first three quarters of 2008 ( Agrow No 556, p 4).