BASF Korea publishes 2019 annual report

• Solid performance despite rapidly changing markets due to continuous innovation and portfolio optimization
• Contributions to circular economy in Korea through innovative chemical solutions
• Programs held for local communities promote health and safety of people above all else

Seoul, Korea – August 3, 2020 – BASF in Korea has published its 2019 integrated report on the performance of its activities across the three dimensions of sustainability – economy, environment, and society – detailing the company’s efforts with regards to business strategy, environmental protection, health and safety, and social contributions.

This year marks the 15th edition of the company’s annual report since the first issue was launched in 2002. In 2019, BASF Korea posted sales of approximately €1.3 billion to customers in Korea and employed 1,142 employees as of the end of the year.

“BASF has never ceased its efforts to achieve a solid performance despite the rapidly changing and challenging market conditions in 2019. By optimizing our portfolio to focus on customers as well as strengthening innovation capabilities in products and solutions, we will continue to make tangible contributions to the sustainable growth of Korea,” said Young-Yull Kim, BASF Korea’s Representative Director.

In mid-2019, BASF completed the integration of the agricultural business acquired from Bayer. Farmers worldwide can now enjoy a combined portfolio of agricultural solutions ranging from seeds, traits and crop protection to digital solutions. Also, with the acquisition of the polyamide businesses from Solvay, BASF further strengthened its engineering plastic portfolio.

In addition, BASF Korea achieved outstanding performance concerning environmental protection, health, and safety. In 2019, BASF Korea decreased greenhouse gas emissions through internal efforts and government-led energy conservation programs. The company also proactively improved overall safety at each production site in Korea. For example, the TDI plant at its Yeosu site was rated with the highest safety level (Green) after a chemical industry’s Responsible Care^® audit. Meanwhile, BASF Korea’s Ulsan site set a record of again reaching its zero lost time injuries goal for the 20th time in a row since it voluntarily joined the Korea Occupational Safety and Health Agency (KOSHA)’s “accident-free campaign.”

BASF and local communities have built strong relationships over the long term and cooperate to address social needs and foster sustainability. To engage with the local communities, especially those where its production sites and offices are located, BASF Korea has worked with local schools to participate regularly in community outreach programs. BASF introduced the Korean version of Virtual Kids’ Lab, an online version of its hands-on children’s chemistry program Kids’ Lab, in which children can explore the wonders of chemistry at their fingertips.

For more information about BASF in Korea Report 2019, click here.  

About BASF in Korea

BASF has been a committed partner to Korea since 1954. As a leading foreign investor in the chemical industry in Korea, BASF operates eight world-scale production sites in the country. The company also maintains the regional headquarters of its Electronic Materials business and the Electronic Materials R&D Center Asia Pacific in Suwon. In addition, three technical development centers are located across Korea. In 2019, BASF posted sales of approximately €1.3 billion to customers in Korea, and employed 1,142 employees as of the end of the year. Further information is available on the Internet at www.basf.com/kr

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 117,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2019. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com/.