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BASF will invest in battery materials and recycling
On December 7, BASF announced that it will spin off its motor vehicle emissions catalysts business and invest €4.
5 billion
in battery materials and recycling by 2030.
BASF said it will further focus on the recycling of battery materials and base metals, and will establish independent entities
for motor vehicle emission catalysts, automotive catalyst recycling and related precious metal services.
The new entity will be named "BASF Automotive Catalysts & Recycling" and will be headquartered in Izerlin, New Jersey, USA, with Dirk Bremm as CEO
.
As for the reasons for the split of the motor vehicle emission catalysts business, BASF said that it is to better respond to the upcoming changes in the automotive market, while also laying the foundation for
future strategic choices.
The spin-off process will begin in January 2022 and is expected to take 18 months
.
The new entity will continue to operate globally, with approximately 20 production sites and more than 4,000 employees
.
BASF will also further focus on its business
in areas related to electromobility.
Recently, BASF also announced a long-term battery materials strategy - investing 3.
5 billion ~ 4.
5 billion euros in battery materials from 2022 to 2030, and achieving sales of more than 7 billion euros
in 2030.
