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Markus Kamieth defends billions in Chinese investment despite delayed returns
6 articles |
Updated 1h ago |
Created 5h ago
Chief executive of German chemical giant BASF, Markus Kamieth, has firmly defended the company's massive investments in China. He stated that while these projects are not yielding immediate profits as originally planned due to market conditions and geopolitical factors like US tariffs on aluminum imports from Vietnam affecting raw material costs for his plants there, they remain strategically essential.
Key Points
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1BASF's CEO Markus Kamieth defends the company's billion-dollar investments in China, arguing they will pay off later than originally planned.
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2Kamieth warns that if BASF stops investing or withdrawing from its Chinese operations due to current conditions (such as trade war fears), it would retreat from half of the global chemical market.
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3Despite ongoing challenges and political tensions regarding US-China relations in 2018, management maintains a long-term commitment to expanding production capacity within China.
Developments
[Mar 21]
Multiple sources (Cash.ch, Faz, Spiegel.de) report that BASF CEO Markus Kamieth defended the company's billion-dollar investments in China and stated they will pay off later than planned.
[Mar 20] - [Feb/Mar]
BASF announced plans to invest over $1.5 trillion (approximated from 'Milliardeninvestitionen') across multiple Chinese plants, including a new facility in Jiangsu province.