Chemical group BASF wants to focus more on its own core business. That means for agricultural branches, including the refining division, they will have to stand more on their own two feet.
The intervention announced Thursday at financial figures by the German concern follows the desire to cut costs. The chemical group is struggling with high energy prices, and competition from abroad.
BASF stressed that its Agricultural Solutions division has "a leading position in the agricultural market" and "a strong pipeline of innovations. By 2027, BASF will complete the division of the company into its own companies with its own enterprise resource planning (ERP) system. In the next step, the company plans to create the conditions for a possible IPO. In the medium term, this will create the possibility of taking a minority stake to the stock exchange.
The breeding division, known as Nunhems, was bought by BASF from Bayer in 2018. Bayer had to sell Nunhems at the time because it also owned Monsanto's breeding business