22 February 2007 16:59 [Source: ICIS news]
LUDWIGSHAFEN, Germany (ICIS news)--BASF is to increase its global research and development (R&D) expenditure by almost 10% as part of a strategy for sustained growth, the company said on Thursday.
This latest increase, taking R&D costs to approximately €1.4bn ($1.8bn), follows on from a 20% rise in 2006.
“I believe this shows our intention to take the necessary steps to further expand our position as the world’s leading chemical company,” said BASF’s CEO Jurgen Hambrecht.
As the company announced a strong financial performance for 2006, Hambrecht said BASF expected even higher sales next year.
He said this would be driven by the recent acquisitions and by growth in existing businesses.
New acquisitions were a significant factor in the sales increase for 2006, contributing more than €4.2bn, 9.9% of total sales growth.
Total sales were €52.6bn, up 23.1% on the previous year.
($1 = €0.76)
By Matt Price
+44 20 8652 3214
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