Industry News

BASF Leads Fortune's Global Most Admired in Chemical Innovation

Published on 2002-03-18. Author : SpecialChem

BASF, the world's leading chemical company, has been named as the leader in innovativeness in its industry in the latest Fortune magazine listing of the world's most admired companies.

The annual list is compiled based on surveys of business executives and analysts. BASF was named the chemical industry world leader in four of nine key attributes - innovativeness, quality of management, financial soundness, and global business acumen - and was ranked number two in composite scoring for the industry overall, behind Dupont.

"BASF is an innovations factory. Innovations are to be found in all of our business segments. Not just in the laboratory, but wherever our employees work: in production, in marketing and sales, in logistics and in many other functions," said Dr. Stefan Marcinowski, Member of the Board of Executive Directors and Research Executive Director.

BASF's innovation strategy has three components: process innovations, product innovations and market innovations.

Through process innovations, the company optimizes production processes to achieve cost leadership. Through product innovations, BASF develops new chemical structures and applies established chemistry to new applications. Through market innovations, in close cooperation with its customers, BASF identifies completely new solutions to problems for many different industries. With a circulation of approximately 870,000, Fortune magazine is one of the leading international business publications.

BASF is a transnational chemical company that aims to increase and sustain its corporate value through growth and innovation. The company's product range includes high-value chemicals, plastics, colorants and pigments, dispersions, automotive and industrial coatings, agricultural products and fine chemicals as well as crude oil and natural gas. BASF's approach to integration, known in German as "Verbund," is one of its particular strengths, ensuring cost leadership and a unique competitive advantage. With sales of about €36 billion (circa $34 billion) in 2000 and over 90,000 employees, BASF is one of the world's leading chemical companies. BASF acts in accordance with the principles of Sustainable Development. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), Zurich (BAS), Paris (BA) and New York (BF). The company's Internet address is www.basf.com.

Source: BASF AG

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