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September 30, 2009

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BASF to invest US$2.9b in Asia

CHEMICALS maker BASF SE yesterday announced plans to invest a total of 2 billion euros (US$2.9 billion) in Asia through 2013 as it targets faster growth in the region.

The company said its regional strategy for the next decade entails increasing employee numbers in the region by at least 5,000 from the current level of some 15,000.

Germany-based BASF targeted annual growth 2 percentage points higher than that of the Asia-Pacific region's chemicals market - a plan that, if fulfilled, would double regional sales by 2020.

The company said it also aims for efficiency savings of at least 100 million euros a year by 2012.

"The Asian growth markets will continue to provide attractive opportunities, and our strategy ... will help us to realize them," BASF board member Martin Brudermueller said in a statement. "The current economic situation does not change our positive expectations of the long-term potential of these dynamic markets."

BASF shares were down nearly 1.1 percent at 35.97 euros on a Frankfurt market.


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