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BASF Has a Strong Start in North America
First quarter 2005 income before special items triples
FLORHAM PARK, N.J., April 28 /PRNewswire-FirstCall/ -- BASF's North American
business today posted strong financial results for the first quarter 2005,
continuing the company's trend of improved financial performance in the region.
BASF Aktiengesellschaft today announced its first quarter 2005 results in
Ludwigshafen, Germany. Details can be found under
http://www.basf.de/interimreport .
First quarter sales in North America were EUR2.265 billion (approximately $2.94
billion), up 18 percent over the first quarter of 2004. Income from operations
before special items in the first quarter of 2005 was EUR271 million
(approximately $352 million) up 201 percent from EUR90 million in the first
quarter of 2004.
BASF's business in North America is benefiting from improved economic
conditions that have resulted in higher prices and increased demand.
In addition, the North American restructuring initiative has contributed to the
improved performance. The program, which began in 2002, includes efforts to
optimize support functions, improve manufacturing operations, and streamline
business processes. As of the end of 2004, the restructuring had achieved
annual cost savings of about $175 million. Employment at BASF in North America
has been reduced by approximately 4,000 positions as a result of the
restructuring and other actions.
"Our restructuring initiative has proven very successful," said Klaus Peter
Loebbe, Chairman and Chief Executive Officer of BASF Corporation, BASF's North
American affiliate. "Our 2004 and first quarter 2005 financial results clearly
reflect the impact of these efforts to date."
"Our strategy in 2005 will be to continue a keen focus on improving
productivity and efficiency, delivering greater customer value through
innovation, and optimizing and strengthening our business portfolio," Loebbe
said.
Note: BASF Group reports financial results in Euros. References to U.S. dollars
are made using an exchange rate of EUR1.00 = $1.30. This conversion is provided
solely for the convenience of the reader.
BASF -- The Chemical Company. We don't make a lot of the products you buy. We
make a lot of the products you buy better.(R)
BASF Corporation, headquartered in New Jersey, is the North American affiliate
of BASF AG, Ludwigshafen, Germany. We employ about 10,000 people in North
America and had sales of approximately $11 billion in 2004. For more
information about BASF's North American operations, or to sign up to receive
news releases by e-mail, visit http://www.basf.com/usa .
BASF is the world's leading chemical company: The Chemical Company. Its
portfolio ranges from chemicals, plastics, performance products, agricultural
products and fine chemicals to crude oil and natural gas. As a reliable partner
to virtually all industries, BASF's intelligent solutions and high-value
products help its customers to be more successful. BASF develops new
technologies and uses them to open up additional market opportunities. It
combines economic success with environmental protection and social
responsibility, thus contributing to a better future. In 2004, BASF had
approximately 82,000 employees and posted sales of more than $50 billion. BASF
shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New
York (BF), Paris (BA) and Zurich (AN). Further information on BASF is available
on the Internet at http://www.basf.com/ .
DATASOURCE: BASF
CONTACT: Jack Maurer of BASF, +1-973-245-6072,
Web site: http://www.basf.com/usa
http://www.basf.com/
http://www.basf.de/interimreport