BASF readies a massive restructuring

BASF, the world’s biggest chemical company, is embarking on a major new strategy that in the next few years may see it exit agrochemicals, battery materials, coatings, and environmental catalysts. The four businesses had combined sales of about $28 billion last year—37% of BASF’s overall sales. But the company no longer considers them core and will make them independent entities while it decides their ultimate fate, CEO Markus Kamieth told financial analysts during a Sept. 26 briefing in Ludwigshafen, Germany. The strategy is intended to unlock the financial value of the noncore businesses while enabling BASF to refocus its core activities on sustainable products made from recycled or renewable materials. “The green transition is changing the setup,” Kamieth said. “We are at a turning point as a company. We are facing the moment of truth.” Chemicals, materials, industrial solutions, and nutrition and personal care will remain core businesses. “We want