BASF Expects Higher 2008 Sales; Lowers Industry Forecast

BASF has reconfirmed its previously announced growth outlook for 2008, despite signs of weakening growth in the chemical industry. “Assuming there are no changes to BASF’s portfolio, we aim to increase sales and to improve Ebit before special items slightly in 2008,” BASF chairman Jürgen Hambrecht told analysts at a meeting in London last week. However, the company has lowered its expectations for growth in global chemical production this year from 2.8%, to 2.4%. Chemical output will contract in the U.S. by 1.3% and by 0.8% in Japan in...

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