28 January 2010 13:19 [Source: ICIS news]
LONDON (ICIS news)--BASF will hold research spending in 2010 at the 2009 level with an overall target of €1.38bn ($1.94bn), research director Andreas Kreimeyer said on Thursday.
“Only with a continuous flow of innovations can we consistently use competitive advantages to achieve above-market organic growth,” he said at a press event held to highlight the group’s research capabilities and strategy.
“Continuity of research strategy is important both in good times and also in times of crisis,” he added.
The company said its research spending in 2009 reached almost €1.4bn from €1.35bn in 2008.
Currently 9,300 BASF employees are engaged in research and development and involved in about 3,300 projects.
($1 = €0.71)
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