At the end of 2008, we adjusted our production at an early stage to meet lowering demand. Our ongoing processes for restructuring and cost-cutting have been strengthened. In October 2008, we started the excellence program NEXT: It unites over 500 individual projects worldwide in all divisions and functions of BASF. Together with our ongoing programs to increase efficiency, we expect a resulting contribution of over €1 billion annually starting in 2012. NEXT creates more value, for example through simplifying processes, resource bundling, energy efficiency and intelligent use of new information technologies. Our goal is to attain the next level of operational excellence.
Innovation creates market opportunitiesFor us, innovation is key to profitable growth in a competitive global marketplace. Therefore, we maintain our high level of investment in research and development, and network globally with universities, institutes, customers and industrial partners. We work on solutions for global challenges and thereby focus on future markets and technologies with high growth potential. These include:
- Energy management
- Raw material change
- Plant biotechnology
- White (industrial) biotechnology
Success through strategic partnershipsStrong partnerships enable us to develop significant growth markets. Our most important cooperation partners include the biotechnology company Monsanto in the United States, our Chinese joint venture partner Sinopec, PETRONAS in Malaysia, as well as Gazprom in Russia.
WE CREATE VALUE
- Restructuring and cost-cutting
- Excellence program NEXT
- Acquisitions and divestitures
- Innovative business areas
- Presence in growth markets
- Investments in research and development
- Worldwide research cooperations