BASF SE, the world renowned chemical company, is quite upset because of tough market conditions, as the worldwide recession hurts the company’s earnings for 2008-09 more than what it was expecting.
The company hasn’t estimated on this new outlook, but during November it dumped its target to go with the earnings of the previous year, when the company got 7.6billion euro pretax profit. BASF says that the company is considering shutting its 80 plants temporarily and would also restrict or stop production in some other plants.
BASF is quite well-known as a maker of paints, fertilizers and glues and also has business lines related to natural gas and oil production.
