BASF records strong local growth in 2011

BASF records strong local growth in 2011

Merve Erdil - ISTANBUL / Hürriyet
Global chemicals and energy giant BASF’s Chief Executive Officer Kurt Bock said he was very pleased with the company’s 2011 results, and with the level of growth in Turkey.

BASF increased its sales in Turkey from 649 million euros in 2010 to 832 million euros in 2011. In addition, the company also expanded its local workforce from 606 employees in 2010 to 765 in 2011.

Speaking in Ludswigshafen, Germany, Bock said Turkey’s dynamic economy and BASF’s purchase of the chemical company Cognis led to the impressive sales results. He added that the Turkish government’s new incentive system could trigger more investments on the part of BASF.

“Even though we won’t make investments just to receive incentives, the incentives will definitely be a motivating factor when it comes to considering new investments,” said Bock, explaining that BASF is more interested in niche investments in Turkey as opposed to opening up a large petrochemical facility.
BASF increased its net profits by 35.8 percent in 2011, reaching 6.19 million euros. The company also increased its global sales by 15 percent, to 73.5 billion euros.

Bock expects that the company will experience a slowdown in the first half of 2012, but will see a pick-up in the second, when Libya begins to produce crude oil once more.