October 3, 2013
From the previous estimate of €6 billion (US$8.2 billion), BASF lifted its 2020 sales target for Crop Protection division to €8 billion (US$10.1 billion).
The company now expects the division to achieve sales of more than €6 billion (US$8.2 billion) by 2015.
BASF's Crop Protection division, which provides innovative solutions in crop protection, had sales of around €4.7 billion (US$6.4 billion) in 2012.
BASF will invest about €1.8 billion (US$2.45 billion) to build and upgrade production and formulation capacities between 2013 and 2017 in order to attain the goal. During the period, the firm will double annual investments in production plants for its Crop Protection division to more than €300 million (US$408 million) from around €150 million (US$204 million).
The company also plans to build new or expand existing formulation plants at various sites around the world, with strong emphasis on Asia.
Markus Heldt, president of BASF's Crop Protection division said that they are confident the company will continue with this development as they have demonstrated sustainable growth in their sales and earnings.
Total peak sales potential for crop protection pipeline, represented by products launched between 2010 and 2020, is now estimated at €1.7 billion (US$2.3 billion), up €500 million (US$680 million) compared to last year. The company also said it will maintain its commitment to invest around 9% of the Crop Protection division's sales into research and development activities.