BASF invests €150m to boost crop chem capacities

31 July 2008 18:09  [Source: ICIS news]

TORONTO (ICIS news)--BASF plans to invest more than €150m ($234m) over two years to expand crop chemicals capacities at plants in Germany, France, Brazil and the US amid booming agricultural commodities markets, it said on Thursday.

 

The expansion project would increase capacities for active ingredients such as fungicides F500 and boscalid, as well as insecticide fipronil and herbicide metazachlor, BASF said.

 

It comes on top of a €90m investment for 2008 that included capacity expenditures for its new herbicide Kixor, it said.

 

The outlook for BASF’s crop protection products remained bright, the company said.

 

“Farmers are seeking to capitalise on the high prices for agricultural commodities,” said Michael Heinz, president of BASF’s crop protection division.

 

“That means getting the most out of every hectare of farmland with innovative crop protection products.”

 

Earlier on Thursday BASF reported a 27% increase in second-quarter net profit, crediting strong sales and earnings in its agricultural products business, among other factors.

 

To discuss issues facing the chemical industry go to ICIS connect

 

($1 = €0.64)

By: Stefan Baumgarten
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly