September 21, 2020

Basf expects to invoice this year less than in 2018 in Spain for the automotive

The German chemical group Basf foresees that its turnover will be reduced this year in Spain compared to 2018, when it reached an income of 1,358 million, due to factors such as the weakness of the automotive sector.

Speaking to Efe, the CEO of Basf Española, Carles Navarro, explained that Basf's revenues in Spain could be reduced this year "in one digit".

However, he recalled that Basf beat in 2018 its record revenue in Spain, adding a sales value of 1,358 million euros.

The multinational Basf announced on July 9 that it has revised downwards its global profit forecasts for this year because global growth slows down due to the fact that global industrial production is weaker than expected due to commercial tensions.

However, Navarro has stressed that the Spanish economy will continue to grow this year at a faster pace than other countries, so that Basf's business in the country will be affected by the international situation, but in a "different" way to other territories.

Navarro has assured that the second quarter of the year has been "weaker" than expected in Spain for Basf due to the worst evolution of the automotive sector, although the manager has stressed that the business of agricultural solutions maintains a good evolution.

The head of Basf in the peninsula said that the incorporation of seed company Nunhems Basf has been an operation "frankly right", as it has provided four new production centers in Spain, two in El Ejido, one in Cartagena and another in Paterna and about 120 employees.

(tagsToTranslate) Basf (t) provide (t) invoice (t) Spain (t) automotive

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