05 November 2012 12:45 [Source: ICIS news]
LONDON (ICIS)--BASF will create a new division called Performance Materials as part of a change in its organisational structure, the Germany-based chemicals major said on Monday.
As part of the reorganisation, BASF will reduce the number of its segments from six to five and the number of divisions from 15 to 14. The changes will be effective as of 1 January 2013.
The newly created Performance Materials division will bundle BASF’s downstream plastics from the current Performance Polymers and Polyurethanes divisions and focus on customer industries such as automotive, construction, electrics and electronics.
The Performance Materials division will be created in BASF’s current Functional Solutions segment which will be renamed Functional Materials & Solutions. Other divisions in this segment remain the Catalysts, Construction Chemicals and Coatings divisions.
The remaining activities of BASF’s current Plastics segment, which is being dissolved, will become part of the Chemicals segment, which will continue to focus on developing BASF’s integrated production Verbund system.
BASF’s Intermediates division will focus primarily on the C1 value chain, while its monomers division will bundle the majority of product groups from the current Inorganics division with many of the large-volume monomers and basic polymers from the current Performance Polymers and Polyurethanes divisions.
The current Petrochemicals division will be expanded to include propylene oxide thus bundling all major derivatives of propylene together with other cracker products, BASF said.
The Performance Products, Agricultural Solutions and Oil & Gas segments remain unchanged, it added.
“In the new organisation, the bundling of product groups with the same business model will help management to better focus on the success factors necessary to be a market leader both in meeting customer’s needs and in operational excellence,” said Kurt Bock, chairman of BASF’s board of executive directors.
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