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Our new strategy sets a clear focus on the management of BASF’s portfolio. Going forward, we will differentiate between our core businesses, consisting of the segments Chemicals, Materials, Industrial Solutions and Nutrition & Care, and our industry-specific standalone businesses Environmental Catalyst and Metal Solutions, Battery Materials, Coatings and Agricultural Solutions. We will apply different value-creation levers to strengthen and profitably grow our chemical core and to unlock the value of our standalones. A new approach to capital allocation based on clear portfolio roles of our businesses will improve capital discipline and cash generation. Enhancing the footprint of our core businesses in China, India and ASEAN will contribute to our future success.

We remain fully committed to our climate protection targets and the green transformation of our operations and product portfolio. Going forward, we will focus even more on products with sustainability attributes, where we see customer demand ramping up most. Building on the unique advantages and opportunities of our Verbund, we will increase volumes of recycled and bio-based feedstocks to drive Sustainable-Future Solutions and net-zero measures at scale. Like BASF as a whole, our largest site in Ludwigshafen will benefit from the change and growth momentum connected to the green transformation. Our goal: To transform Ludwigshafen into a leading, sustainable chemical site for Europe and a strong pillar for BASF’s success.