German chemicals giant BASF has beaten its own sales and earnings
forecasts for 2003, prompting chairman Jurgen Hambrecht to suggest
that the sector may be due for something of a recovery this year,
writes Phil Taylor.
A fall in demand from the pharmaceuticals industry has caused a
significant hole in 2003 profits for German chemicals group
Degussa, which implemented heavy restructuring to reduce production
capacity in its fine chemicals unit.
DSM will cut around 500 jobs at its Chemelot site in Geleen, the
Netherlands over the next two years, in an effort to cut costs by
over €50 million per annum. The jobs will largely go in support
services and manufacturing staff departments.
The lacklustre growth in the chemicals industry will continue to
lag behind world gross domestic product (GDP) growth over the next
few years, a reversal of the situation before 2000, according to
BASF chairman Juergen Hambrecht.
Germany's Bayer has received offers to buy NewCo, the newly-created
company including parts of its chemicals and polymers divisions,
but will still go ahead with plans to float it on the stock
exchange , according to the group's...
A new exhibition scheduled to take place in Hyderabad, India, in
early 2005 claims to be the first to bring domestic and
international chemical companies to the same forum.
The REACH framework for chemicals will contrary to the industry's
view, actually improve conditions for innovation in Europe,
according to EU Commissioner Erkki Liikanen.
Daicel has entered into an agreement with Thesis Chemistry in a
deal which will see the two companies collaborate in the area of
chiral process manufacturing.
German chemicals and drugs company Bayer has said that it plans to
sell its subsidiary Walothen to Finland's Wihuri as part of an
ongoing restructuring of its portfolio.
Degussa follows its peers in the speciality chemicals industry by
posting weak interim results held back by currency factors, raw
material costs and lower demand.
BASF has completed a production plant for high-purity
methanesulfonic acid, widely used in the chemical industry and in
the synthesis of pharmaceuticals.
Chemical major BASF has expanded the range of products it offers to
pharmaceutical clients with the $65 million (€58m) purchase of
Callery Chemical from Mine Safety Appliances.
Swiss chemicals group Lonza has said that a new small-scale
production plant at its Visp site will come on stream in July and
will boost its services in the area of exclusive manufacturing of
pharmaceutical products.
"The current confluence of negative factors facing the chemical
manufacturing industry could be called 'the perfect storm',"
said Andrew N. Liveris, president of Dow Chemical company's
Performance Chemicals...
