Basf Stock Price, News & Analysis

BASF is advancing its methylene diphenyl diisocyanate (MDI) plant expansion in Geismar, Louisiana, with a final investment phase of $780 million, expected to boost production capacity to 600,000 metric tons annually by mid-decade. This expansion aims to enhance supply reliability for North American customers across various sectors, including construction and automotive. The Geismar site is well-equipped with existing infrastructure and skilled workforce, making it ideal for this growth. The completion of this phase is targeted for 2025.

BASF is set to expand its production of specialty amines at the Geismar, Louisiana site, aiming for completion by mid-2023. This increase will enhance the capacity for key polyetheramines and tertiary amines, marketed under the Baxxodur® and Lupragen™ brands, to meet rising North American market demand. BASF's commitment to producing high-quality specialty amines will ensure reliable support for customers in industries such as wind energy, adhesives, and coatings. With over 300 different amines, BASF maintains a diverse portfolio in chemical intermediates.

BASF is expanding its North American Apprenticeship Development Program by adding nearly 100 apprentices at 20 manufacturing sites. The initiative aims to provide on-the-job training and industry-recognized credentials to address the skilled labor shortage. In 2022, the program achieved a 44% female selection rate among new apprentices. Collaborating with 19 local colleges, BASF emphasizes comprehensive training over 12 to 36 months. This program is critical for developing a skilled workforce, especially as the National Association of Manufacturers projects a 2.1 million job shortage by 2030.

BASF has recognized three leaders at the 2022 STEP Ahead Awards, celebrating women's excellence in manufacturing. Julie Fay, Elba Lizardi, and Brittany Davis were honored for their contributions to the industry. Tobias Dratt, President of BASF North America, emphasized the importance of female role models in addressing the manufacturing workforce crisis, as women represent a significant untapped talent pool. The awards ceremony, held on April 28, 2022, aimed to encourage women to pursue careers in manufacturing. BASF is committed to fostering future female talent in the sector.

BASF and Steelcase have launched the Flex Perch Stool, a sustainable seating solution incorporating BASF’s Ultramid® B3EG6 Ccycled™ material made from recycled waste streams. This marks Steelcase’s first furniture product using advanced recycling technology, promoting circularity and environmental responsibility. The stool, designed for compact storage and user engagement, is 100% recyclable, aligning with Steelcase's mission for sustainable products. Available in North America now, it will also launch in Europe, the Middle East, and Asia in April 2022.