BASF Says Chemical Industry Taking Big Hit From Virus Spread [Yahoo! Finance News]
BASF SE S/ADR (BASFY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance News
) -- The chemical industry became the latest sector to be hit by the coronavirus after German giant BASF SE warned the outbreak could lead to the lowest growth in production since the financial crisis more than a decade ago. The slump in demand may see the supplier of plastics and additives slide to a second straight year of falling profit, BASF said in a statement on Friday. The epidemic will have a significant impact worldwide, particularly in the first and second quarters, which won’t be fully offset during the remainder of the year. The setback comes at a time that BASF under Chief Executive Officer Martin Brudermueller is embarking on a major expansion into China, where it is building a new $10 billion complex in the southern city of Zhanjiang. The first phases of the plant will be operational in 2022, with the entire project due to come on stream by the end of the decade. “BASF remains in a challenging place with trough upstream earnings but a need to invest for the future,” sai
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