BASF Announces Name Change; Quarter Results
Posted: April 26, 2007
During its annual meeting (April 26, 2007), BASF Aktiengesellschaft’s board of executive directors and supervisory board proposal to change the company’s name to BASF SE was approved. The name change, according to a press release, reflects the company’s transformation into a European company, indicated by the SE (Societas Europaea) designation. The company’s headquarters and chief administrative offices will remain in Ludwigshafen, Germany.
“As a globally operating company with its home in Europe, we want to give ourselves a contemporary legal form,” said Jürgen Hambrecht, chairman of the board of executive directors of BASF. “The move gives BASF a pioneering role in the European chemical industry.”
BASF plans to complete the transformation into a SE in the first quarter of 2008 after the conclusion of negotiations with employee representatives. In addition, BASF announced a sales increase of 17% to €14.6 billion in its first quarter, with a 98% earnings jump in its chemicals segment. Net income rose by 9% to more than €1 billion. Earnings per share were €2.08 compared with €1.87 in the first quarter of 2006.
“The good start in the first quarter confirms our positive outlook for 2007,” said Hambrecht. “We expect significantly higher sales based on the acquisitions made in 2006 and organic growth. We expect to at least match the previous year’s strong EBIT before special items despite our assumption of a lower average oil price in 2007.”