04 August 2009 17:31 [Source: ICIS news]
TORONTO (ICIS news)--BASF aims to generate sales of over $2.0bn (€1.4bn)/year by 2020 from a pipeline of genetically modified products it is developing in collaboration with Monsanto, it said on Tuesday.
The venture with US-based agricultural chemicals and seeds major Monsanto included drought-tolerant and high-yielding corn, as well as soya and cotton products, BASF said in an investor presentation on its website.
BASF and Monsanto agreed in 2007 to spend some $1.5bn to fund a pipeline of high-yield and stress-tolerant traits for corn and other products.
In its presentation, BASF stressed that the agricultural business, the company’s smallest in terms of sales, was the only industry not severely affected by the economic crisis.
In the just concluded 2009 second quarter, the agricultural solutions business recorded sales of €1.18bn, up 1% from the 2008 second quarter.
This compares with a 23% year-over-year decline, to €12.5bn, in BASF’s overall second-quarter sales.
In related news, BASF CEO Jurgen Hambrecht said in a recent interview the development of genetically modified products was meeting with resistance in Europe and may need to be shifted from ?xml:namespace>
He pointed in particular to BASF's difficulties in getting approvals for its genetically-modified Amflora potato in Europe.
($1 = €0.69)
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