UpdateBASF R&D spending in 2010 reaches almost €1.5bn

04 February 2011 16:55  [Source: ICIS news]

(adds further detail on research and development investment in paragraphs 5 - 7)

LONDON (ICIS)--BASF increased its research and development (R&D) spending in 2010 to a record level of nearly €1.5bn ($2.1bn), the German chemicals major said on Friday.

BASF said that R&D spending would be even higher in 2011. In 2009, the company spent €1.40bn on R&D, up from €1.35bn in 2008.

“The company attaches great importance to continuity in R&D and has further increased its commitment even in tough times,” said Andreas Kreimeyer, research executive director and member of BASF's board of executive directors.

“Research and development are the foundations to secure our future. BASF will therefore also be increasing its R&D spending in2011, the International Year of Chemistry,” he added, referring to an initiative launched by the UN and the International Union of Pure and Applied Chemistry (IUPAC) that is aimed at promoting a deeper public understanding of chemistry.

BASF said that it had beaten its goal of generating sales of €6bn in 2010 from new products and applications that have been on the market for less than five years, adding that it wanted contune this trend and make between €6-€8bn in sales through innovation each year by 2015.

The group also said that in the next five years, it would be investing a three-digit million sum for battery-related activities. Part of this investment was being channelled into a production plant for advanced cathode materials already under construction in Elyria, Ohio, the US, which has an investment volume of more than $50m.

The facility was scheduled to supply the market with cathode materials for the production of high performance lithium-ion batteries from mid-2012, the group added.

BASF currently has 9,600 employees engaged in R&D work, it said.

($1 = €0.73)

For more on BASF visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Franco Capaldo
+44 (0)20 8652 3214

AddThis Social Bookmark Button

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

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index