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BASF Meeting Targets in Second Quarter as Customers Restock

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June 22 (Bloomberg) -- BASF SE, the world’s biggest chemical company, is meeting targets set for the second quarter, helped by customers replenishing inventories, according to board member Martin Brudermueller.

“In the first quarter, all regions performed surprisingly well, better than we had anticipated,” Brudermueller told reporters in Frankenthal, Germany today. “The trend is continuing in the second quarter, which is performing according to our forecasts.”

Brudermueller, who is responsible for Asian operations as well as plastics, foresees China helping BASF grow faster than competitors, as the company is focusing investment and research activities to the region.

BASF is sticking to full-year goals for a “considerable” improvement in earnings and earnings its cost of capital. Growth will be tempered when restocking ends and the company faces comparisons with stronger quarters in 2009, the executive said.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.