Industries News

BASF Undertakes Another Expansion of Asian Market

Limitations for the development of GM-technologies in Europe forced Basf Plast Science to look at the Asian-Pacific region. According to the data, provided by South-Korean mass media, the German concern will sign a cooperation agreement with the Chinese National Institute of Biology (CNIB), which will provide a frame for joint endeavors in the sphere of increasing the main crop yield on the base of GM-technologies. In addition to this BASF will obtain an exclusive right to the development and commercial use of transgenic crops. According to the representatives of the German company, CNIB managed to detect a line of genes, capable of increasing the yield of corn, soy beans and rice several times, which may become a breakthrough in Asian agriculture. China became the second state on the continent (alongside with South Korea) to collaborate with BASF on increasing the crop yield and stress-resistance.

Note: the German chemical concern BASF Aktiengesellschaft is one of the largest in the world, headquartered in Ludvigshafen (South-West Reinland-Pfalz). Established on April 6, 1865. The Governing Board is chaired by Jurgen Hambrecht. The company has 160 affiliates in Europe, America and Asia. It has relations with 170 countries, manufacturing over 7000 items. Its turn over in 2006 made up ?52.61 billion against ?42,75 billion in 2005. The net profit in 2006 increased by 6.9 % (up to ?3.22 billion as compared to ?3.01 billion in 2005). The staff (as of March 14, 2006) is 87 159 employees.

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