BASF SE is preparing its agriculture business for an IPO as it grapples with a challenging business environment in Europe, sources familiar with the plan told Bloomberg News. BASF’s Agricultural Solutions business reported sales of €10.1 billion in 2023, 14.6% of the company’s total net revenue.
BASF told CW it does not comment on “market rumors or speculations” and that it will present its strategy at the upcoming capital markets day on Sept. 26–27. Next week’s event could also include updates on BASF’s coatings and battery materials businesses, the source said.
BASF’s Agricultural Solutions business includes digital farming, field crop seeds and traits, fungicides, herbicides and insecticides. Fungicides and herbicides each comprises about a third of Agricultural Solutions sales. BASF said the segment has an innovation pipeline with a peak sales potential of more than €7.5 billion by 2023 and includes the industry’s first commercial biotechnology trait to control nematodes as well as a new protoporphyrinogen oxidase (PPO) herbicide with corresponding herbicide tolerance gene.
The global crop protection market has struggled since 2022 as destocking, stabilizing grain and oilseed inventories, and price competition have offset lower costs and volume growth. Bayer AG (Leverkusen, Germany), the largest crop protection company globally, said late last year it was considering separating out its consumer health or crop science division but ultimately shelved the idea, citing research and development synergies.
by Rebecca Coons
Source: chemweek.com
Neste Corp. will collaborate with Dutch terminals operator Tepsa for the storage and handling of liquefied waste plastics at Rotterdam, Netherlands, to enhance Neste’s chemical recycling logistics infrastructure in Europe. Neste said that following successful industrial-scale processing runs at its integrated crude oil refining and petrochemicals site at Porvoo, Finland.
Archroma, a global leader in specialty chemicals towards sustainable solutions, has announced that Rajiv Sharma has been appointed as the new Chief Executive Officer (CEO) with key responsibility for the Textile Effects business, effective October 1, 2024. Current Group CEO Mark Garrett will transition to the Archroma Board of Directors.
The challenges facing the European chemical industry, particularly in Germany, have compelled the world’s largest chemical maker to rethink its scale and diversified approach. BASF has announced a strategic shift, splitting its portfolio into “core” and “standalone” businesses.
