Basf - BASFY STOCK NEWS

BASF has initiated the final phase of its methylene diphenyl diisocyanate (MDI) expansion project at its Geismar, Louisiana site. This $780 million investment will boost production capacity to about 600,000 metric tons per year by mid-decade, totaling around $1 billion across all phases. This project marks BASF's largest wholly owned investment in North America. The expansion aims to support North American customers in sectors like transportation and automotive, showcasing advanced safety and digitalization technologies.

BASF Senior Vice President Lori Goucher was inducted into the Women in Manufacturing (WiM) Hall of Fame, recognizing her contributions to advancing women in the manufacturing sector. Goucher played a crucial role as a mentor and leader within BASF, addressing gender representation in manufacturing. WiM honors women like Goucher for their significant career contributions. BASF aims for 30% of leadership roles to be held by women by 2030, supporting such initiatives through memberships and professional development opportunities.

BASF has entered a 12-year Power Purchase Agreement to secure 48 MW of solar energy from X-ELIO’s Liberty Solar Photovoltaic and Energy Storage Plant in Houston. This agreement will enable BASF's Verbund site in Freeport, Texas, to obtain 100% of its purchased power from renewable sources, effectively reducing CO₂ emissions by over 82,000 metric tons annually. The project will also create around 125 construction jobs and is a step toward BASF's goal of net-zero emissions by 2050.

BASF announced increased production of N-(2-Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) at its Geismar, Louisiana site, expected to commence in the second half of 2022. This initiative responds to the rising demand from the ink, automotive, and agricultural sectors. A double-digit million dollar investment supports this production boost. HEP serves as a vital (co)-solvent in various formulations, while NOP is utilized in crop protection and automotive applications, enhancing BASF's role as a global supplier in North America.

BASF has signed virtual power purchase agreements (VPPAs) for a total of 250 MW of renewable energy, enhancing sustainability across more than 20 manufacturing sites in the U.S. This initiative aims to offset carbon-intensive electricity and increase the share of renewable energy in BASF’s North American electricity consumption to over 25%. The projects will generate approximately 660,000 MWh of electricity annually, equivalent to the needs of over 90,000 households, and mitigate more than 472,500 metric tons of CO₂ emissions each year, supporting BASF’s net-zero emissions goal by 2050.

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.