News released today shows BASF
, the world's biggest chemical company, increased its research and development (R&D) spend in 2010 to a record level of nearly €1.5bn ($2.1bn). Spending will be even higher in 2011, it added
. In 2009, the company spent €1.40bn
on R&D, up from €1.35bn in 2008, and had an R&D to sales ratio of 2.76%.
“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."
BASF currently has 9,600 employees engaged in R&D work.