Overview
- At the annual meeting on Thursday, CEO Markus Kamieth said BASF will keep investing at least €1.5 billion each year to maintain and upgrade its Ludwigshafen site.
- Despite the pledge, he warned of more cuts at the hub and said services like HR, finance and digital work will shift to India after about 2,800 local jobs were eliminated since early 2024.
- BASF highlighted its nearly €9 billion Zhanjiang complex that opened in March, saying it produces for China’s market rather than exporting to Europe as the company seeks to grow local sales.
- First‑quarter revenue fell about 3% to €16 billion, while net profit rose to €927 million after an €800 million state‑guarantee payment tied to past Russia activities at Wintershall DEA.
- Management kept full‑year targets in place and said raw‑material supplies are secure, while analysts and the CFO see possible pricing power if Middle East shipping issues tighten global plastics supply.