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Business

Slow Growth Ahead, Says BASF CEO Bock

by Alex Scott
August 3, 2015 | APPEARED IN VOLUME 93, ISSUE 31

Kurt Bock, CEO of BASF, the world’s largest chemical company, says his company faced flat customer demand in the second quarter and that low demand growth is set to continue through 2015. “We have for the second quarter in a row in chemicals no growth worth mentioning,” Bock told journalists during a recent briefing. “Our customers remain extremely cautious about building up inventories.” Challenges the company is facing include an economic slowdown in China and recessions in Russia and Brazil. BASF had predicted that global chemical production would rise by 4.2% in 2015, but the firm has downgraded that forecast to 3.8%.

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