BASF Sees Growth in China, Cuts European Costs By €1 Billion
- Long-term plan for Ludwigshafen site expected later this year
- High energy prices continue to weigh on German factory
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BASF SE sees earnings partially recovering this year as Europe’s biggest chemicals company deepens cost-cuts to counter elevated energy expenses and a slump in demand.
After returns plummeted last year, BASF expects growth in China to lift earnings before interest, taxes and special items to as much as €8.6 billion ($9.3 billion) this year, up from €7.7 billion, it said Friday.