BASF SE S/ADR - BASFY STOCK NEWS

The MDL Plaintiffs' Executive Committee has announced a $316.5 million settlement with BASF to address PFAS contamination in water systems, pending court approval. This agreement aims to mitigate water contamination through significant financial support, with $312.5 million allocated to an escrow account and $4 million for administrative costs. The first payment distribution is scheduled for March 2025. This settlement, part of ongoing AFFF litigation, reinforces efforts to comply with the Safe Drinking Water Act and enhance public health by improving drinking water quality. BASF, while denying wrongdoing, has committed to this substantial financial allocation.

On May 20, 2024, BASF agreed to a $316.5 million settlement with a nationwide class of U.S. public water systems that detected PFAS in their sources, allegedly linked to Aqueous Film Forming Foam (AFFF) products. This agreement, part of a multi-district litigation overseen by the U.S. District Court for the District of South Carolina, releases claims against BASF and other entities, including Ciba Specialty Chemicals, acquired by BASF in 2009. BASF will pay $4 million by July 15, 2024, and $312.5 million by March 1, 2025. The settlement is pending court approval and other procedural steps. BASF is pursuing insurance recovery for the settlement payments.

BASF has been named one of Fair360’s Top 50 Companies for the twelfth consecutive year, ranking 22nd in 2024. The company was also recognized as a Top Company for Sponsorship, Latino Executives, and Executive Fairness Councils. The announcement was made at Fair360’s annual event on May 13, 2024, in New York City. Michael Heinz, Chairman and CEO, emphasized the importance of diversity, equity, and inclusion (DEI) for attracting and retaining top talent. BASF's DEI strategy aims to create an inclusive work environment that leverages diverse perspectives for competitive advantage. Fair360’s Top 50 survey serves as a benchmark for U.S. employers in talent strategy, workplace practices, and supplier diversity.

Three BASF women in manufacturing were honored at the 2024 Women MAKE Awards by The Manufacturing Institute, recognizing their contributions to the industry and commitment to advancing manufacturing careers for women. BASF's award winners include Paula Clark, Katie Cook, and Paula Mensah. The Women MAKE Awards are part of the Women MAKE America initiative, aiming to close the gender gap in manufacturing by empowering and inspiring women in the industry.

Chemovator, BASF's business incubator, has invested in Detroit-based startup Heartland, a leader in producing natural fiber plastic additives. Heartland's breakthrough hemp-based materials help reduce carbon footprints in plastic products, enhancing properties like flammability and bonding. This investment aligns with Chemovator's goal of supporting early-stage chemistry startups and promoting sustainability.

BASF and University of California, Berkeley, celebrate their successful 10-year collaboration with the California Research Alliance (CARA). The collaboration has resulted in 117 research projects, 94 peer-reviewed papers, 47 patent applications, and technologies integrated into BASF products. The partnership has expanded to 11 California universities, involving over 80 faculty members and 170 postdocs/graduate students. BASF and UC Berkeley renewed their Master Research Agreement for an additional five years in 2022.

BASF introduces Ccycled® products made from plastic waste at its Port Arthur facility in Texas. The innovative ChemCycling® process offers advanced recycled building blocks, promoting a circular economy by replacing fossil resources. These products have similar properties to conventional ones and can be used in various manufacturing sectors.

BASF Apprenticeship Program Expands to 28 Sites Across the US, Addressing Skilled Worker Shortage

Kristen Pforr, BASF Vice President of Operations, Care Chemicals, has been inducted into the Women in Manufacturing (WiM) Hall of Fame.