The company said the revisions also will emphasize a focus on innovations and business models tied more closely to the needs of its customers, and will seek to exploit new market opportunities offered by technological advances in the fields of nanotechnology, materials science, energy management, and biotechnology. The company said it expects those areas to generate "the most important impulses for the chemistry of the future."
Jürgen Hambrecht, chairman of the board of executive directors, said the revised approach is designed to build on the company's existing business strategy, which he described as "the right course in the past."
BASF said the revised approach will base investment decisions on a key performance indicator - EBIT (earnings before interest and taxes) after cost of capital. "We have mainly focused on growth, but in the future we want to place even greater emphasis on profitability," said Hambrecht.
BASF said it will adopt the use of the new logo in March. The logo will feature two matching squares next to the familiar BASF lettering, with the slogan "The Chemical Company" appearing in English below.