New chief executive faces challenges at German chemical giant BASF [Yahoo! Finance]
BASF SE S/ADR (BASFY)
NASDAQ:AMEX Investor Relations:
basf.com/en/company/investor-relations.html
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Source: Yahoo! Finance
The 62-year-old Brudermüller told his successor, Markus Kamieth, at the company's annual meeting on Thursday that the company must find a way to increase profitability, especially at its largest plant in the western German city of Ludwigshafen. BASF, the world's largest chemical company, has been under intense cost and margin pressure in multiple markets and has also struggled with volatile energy costs in Germany. Kamieth, 53, is a chemist by training and has worked for BASF for 25 years, most recently as the head of the company's businesses in Asia. Asian markets are seen by BASF's management as the greatest potential area for growth in profits and new customers, and Kamieth is expected to press forward with that strategy, even if activist investors asked critical questions during Thursday's gathering. Kamieth faces immediate challenges in implementing billions of dollars in cuts announced by BASF's board of directors, including further job reductions as part of a reorganiz
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