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BASF SE (BFA.L, BASFY.PK), a battery materials producer, reported net income of 225 million euros in fiscal year 2023, compared to a loss of 627 million euros in 2022. ....
German chemical and battery giant BASF is launching a cost-cutting plan due to weak demand in Europe. Additional costs of €1 billion ($1.1 billion) are to be saved annually at the German site in Ludwigshaven by 2026, the company announced on Friday. Fixed costs are to be reduced by increasing efficiency and production capacities are to be adapted to market requirements. "The program will therefore also unfortunately lead to further job cuts," said chief executive Martin Brudermüller. Details are ....
German chemical and battery giant BASF saw a return to profit in fiscal year 2023, with a net income of €225 million ($244 million), compared to a loss of €627 million in 2022. Income from operations (EBIT) before special items in the 2023 business year amounted to €3.8 billion. The decline of €3.1 billion compared with the prior-year figure was primarily due to a considerably lower earnings contribution from the Chemicals and Materials segments. EBIT was €2.2 billion in 2023; the steep decline ....
Bp and BASF have signed a licence agreement for the use of the German chemical giant’s OASE white to capture CO2 generated during hydrogen production at bp’s H2Teesside. ....