Near-Term Headwinds Remain, but Recovery Across BASF's End Markets Will Drive Improved Performance

BASF is the world’s largest chemical company, producing commodity and specialty chemicals in nearly every major chemical category. The firm maintains a top-three market position in more than two thirds of its businesses. The company’s products are sold to a wide variety of end markets ranging from industrials to transportation to pharmaceuticals to agriculture. Its catalysts business represents about 20%-25% of annual revenue, and the remaining 12 business lines each account for roughly 10% or less.