29 March 2012 13:14 [Source: ICIS news]
LONDON (ICIS)--BASF is “intensifying” its focus on sustainability and innovation as growth drivers by increasing its research and development (R&D) spending in 2012, the German chemical major said on Thursday.
BASF said it is realigning its research, while focusing strongly on its markets.
The company is planning to increase its R&D spending to €1.7bn ($2.3bn) in 2012, up from €1.6bn in 2011.
“To seize growth opportunities we are systematically expanding our product and technology portfolio, establishing an even more global presence and increasing our efforts to develop solutions for a sustainable future,” said BASF research executive director Andreas Kreimeyer.
“Effective and efficient research is an important success factor for achieving our growth targets and is simultaneously a factor distinguishing us from our competitors. Research and development will therefore have even greater priority in the future than before,” added Kreimeyer.
($1 = €0.75)
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