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BASF (BAS)
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BASF SE : BASF to build new formic acid plant in Geismar, Louisiana

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05/04/2012 | 08:05pm CEST

FLORHAM PARK, NJ, May 4, 2012 -- BASF today announced its plans to build a state-of-the-art production plant for formic acid at its integrated "Verbund" site in Geismar, Louisiana. The new plant will create 20 new jobs and have an annual capacity of more than 50,000 tons.

It will be the only formic acid plant in North America and will allow BASF to serve strategic markets in North and South America better, including applications for pharmaceuticals, energy, animal nutrition, leather and cleaning products. Start-up of the new plant is expected in the second quarter of 2014.

BASF's customers use formic acid as an eco-efficient solution in a wide range of applications such as in animal feed where it provides protection of the feed and supports the health of the animal itself.

Potassium formate, a salt of formic acid, is an environmentally friendly and highly efficient de-icing agent used on roads and airport runways. It is easily biodegradable, thereby, protecting aquatic wildlife in nearby rivers and watersheds.

Both formic acid and potassium formate are also used in the oil field industry as part of the drilling and completion process, as well as in shale gas exploration to promote extraction. Formic acid is an excellent de-scaling agent as well, and is used in industrial cleaning to remove various mineral deposits from desalination plants, refineries and other processing industries.

"The new plant further strengthens our position as a leading supplier of chemistry for sustainable solutions," said Hans Engel, Chairman and Chief Executive Officer of BASF Corporation, who made the announcement during a press conference at BASF's new regional headquarters building in Florham Park, New Jersey.

BASF currently operates two formic acid plants located at the company's integrated Verbund sites in Ludwigshafen, Germany, andNanjing, China,with a total annual capacity of 255,000 metric tons.

"This investment demonstrates our commitment to the increasing market demand in North and South America driven by current and new applications of this versatile product. We will be able to serve our customers better with shorter lead times and greater supply reliability. It also reinforces BASF's global leading position in formic acid with production in Europe, North America and Asia," said Soeren Hildebrandt, Senior Vice President of BASF's Chemical Intermediates division.

In line with the company's "We create chemistry" strategy, BASF focuses on sustainable development of its products such as formic acid, which not only has an excellent sustainable profile in use, but also in its production as part of the company's Verbund concept.

The Verbund concept is one of BASF's greatest strengths, linking production and energy requirements in an efficient manner. BASF's Geismar production site incorporates the Verbund concept and allows BASF to maximize the production efficiencies of formic acid while helping to protect the environment and surrounding communities by reducing waste and cutting emissions, and keeping resource consumption and transportation to a minimum.

BASF - The Chemical Company

BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 16,000 employees in North America, and had sales of $20 billion in 2011. For more information about BASF's North American operations, visitwww.basf.us.

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111,000 employees as of the end of the year. Further information on BASF is available on the Internet atwww.basf.com.

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Financials (€)
Sales 2018 66 392 M
EBIT 2018 8 554 M
Net income 2018 5 623 M
Debt 2018 14 879 M
Yield 2018 3,73%
P/E ratio 2018 14,06
P/E ratio 2019 13,29
EV / Sales 2018 1,43x
EV / Sales 2019 1,33x
Capitalization 79 954 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 100 €
Spread / Average Target 16%
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Managers
NameTitle
Kurt W. Bock Chairman-Executive Board
Jürgen Hambrecht Chairman-Supervisory Board
Hans-Ulrich Engel Chief Financial Officer
Martin Brudermüller Chief Technology Officer
Michael Diekmann Vice Chairman-Supervisory Board
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