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Global Coatings Network News:
BASF will continue to increase prices in 2019 to offset the impact of rising raw material costs.
Oil and gas
Crude Plastic
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Engel said that Britain’s withdrawal from the European Union may pose more challenges to BASF.
Engel said the company is concerned that chemical trading will not proceed normally after Brexit, and the EU's chemical regulatory framework may no longer apply to the UK.
This could lead to a regulatory vacuum, forcing the company to stop supplying customers.
Engel said: "If we have problems, other industries will also have problems.
" BASF supplies chemicals to industries such as automobiles and beauty.
The company operates nine production sites in the UK, and 2% to 3% of its global revenue comes from the UK.
He said: “People must hope that the situation that does not reach an agreement will not become a reality.
” Engel declined to comment on whether BASF is stocking raw materials or products to deal with Brexit.
The company is also reducing costs to improve profitability.
Engel said that the so-called "* plan" is expected to contribute 2 billion euros to BASF's earnings each year and involves hundreds of actions.
But BASF may be forced to transfer these savings to customers, Joh.
Berenberg, Gossler & Co analyst bastian Bray said.
Bray said: "It is unclear whether BASF can keep the money saved.
"
