Dealers on the European stock exchanges felt a chill in the air on 21 June after BASF“s announement that it was cutting its second quarter profit forecast and would shut 14 plants worldwide while sla…
Dealers on the European stock exchanges felt a chill in the air on 21 June after BASF“s announement that it was cutting its second quarter profit forecast and would shut 14 plants worldwide while slashing its investment programme. BASF said it expects no growth in operating profit for the second quarter, citing high raw-material prices, weaker growth in Europe and no sign of an easing of the prolonged economic downturn in the U.S. Europe“s largest chemicals group BASF became the latest firm to succumb to the pain of the economic slowdown. ING Charterhouse director James Dewhurst noted that this slowdown would also hit UK chemicals giant ICI.