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.
“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 in…2011, 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 ?xml:namespace>
BASF currently has 9,600 employees engaged in R&D work, it said.
($1 = €0.73)
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