BASF is slashing its five-year investment budget by €4bn, as the world’s largest chemical company struggles with slowing demand and lower prices for its products.
The German group on Tuesday said “stress” in the chemical industry — driven by lower manufacturing output and slower consumer spending — prompted the hefty cut to investments in new and existing plants. It will now invest up to €24.8bn over the five years to 2027, down from €28.8bn.
“We have more projects than money,” chief executive Martin Brudermüller said in a call with reporters, adding that this was sparking “in-house competition”.
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