BASF: Asia Pacific Sales to Double by 2020
BASF SE, Ludwigshafen, Germany, outlined its Strategy 2020 for Asia Pacific. Through 2020, the company aims to grow on average two percent points faster than the Asia Pacific chemical market each year. With expected market growth of 4 to 5% per year, this would double regional sales by 2020 while earning a premium on cost of capital. This ambitious strategy is based on growth and new business initiatives. Under its new strategy, the company will initially target five key growth industries in the region, will increase headcount by at least 5,000 from a current figure of approximately 15,000, and plans to generate 70% of regional sales from local production. At the same time, the company will invest EUR 2 billion in the region between 2012 and 2013, and aims to create efficiency improvements that are expected to save at least EUR 100 million annually by 2012.
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