MOSCOW (MRC) -- BASF has commenced production of its first bio-based polyol, Sovermol®, in Mangalore, India, said the company.
This is the company’s first bio-based polyol production facility in Asia Pacific, serving the region’s fast-growing demand of eco-friendly products for new energy vehicles (NEV), windmills, flooring and protective industrial coatings, it said.
“Asia Pacific is the world’s fastest growing market for NEV and coatings. The Sovermol production facility is strategically located in Mangalore, close to raw materials supply. This will significantly reduce transportation time and contributes to our ambition to bring “best-in-class” products and services efficiently to our customers in Asia Pacific,” said Dr. Claus Dallner, Senior Vice President, Global Business Unit Resins and Additives, BASF.
The BASF site in Mangalore has been in operation since 1996. Spread across more than 200 hectares, it is BASF’s largest production facility in South Asia and produces polymer dispersions, fine chemical catalysts and coatings for paper, agriculture and automotive industries.
We remind, BASF said it would cut 2,600 jobs, halt share buybacks and hike investment to improve competitiveness as it warned of a further decline in earnings due to rising costs. The German chemicals giant said in a statement that adjusted 2023 earnings before interest and tax (EBIT), would fall to between 4.8-5.4 billion euros (USD5.09-USD5.69 billion) from 6.9 billion euros in 2022, which was down 11.5% from 2021.