Unknown to many people in the world, BASF leads the industry of chemicals with a rich portfolio of natural gas, crude oil, fine chemicals, performance products, plastics and chemicals. As of 2011, BASF is supporting the families of its 110,000 loyal workforce. That year, sales were reported to have reached €73.5 billion. Such a performance is with what BASF has accomplished in the past years.
BASF is making its impact felt worldwide as international expansions are on their way. Particular focus is given to Asian nations because BASF executives have identified the potential of these markets.
Most of BASF’s innovations are products that complement the company’s core markets. For instance, the company is moving into the production of animal nutrition as a complement to the production of agricultural products. Additionally, BASF’s gas and oil explorations will more likely result in petrochemicals.
BASF’s innovation model is called “verbund.” Verbund is a German word which literally means "linked" or "integrated" to the maximum degree. Innovations at BASF are the result of the integration of business models with technology, processes and products. Verbund has become the cornerstone of BASF’s business strategies and philosophies.
Verbund has contributed a growth to BASF’s 2011 revenues of 15%, net income of 36% and per employee average revenue of €660 thousand.
Over the coming years, BASF is expected to make a stable investment in R&D as the company continues to look beyond its horizon for more opportunities to innovate as they keep on getting stronger in its core businesses.