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BASF signs MoU to build fully-owned chemical site in China

Published 07/09/2018, 11:39 AM
© Reuters.  BASF signs MoU to build fully-owned chemical site in China
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  • BASF (OTCQX:BASFY +0.1%) signs a memorandum of understanding for the construction of a $10B chemical production site in China's Guangdong province, which the company says would be its first wholly-owned plant in China.
  • BASF CEO Martin Brudermueller says the integrated chemicals complex would be the company’s largest-ever investment and ultimately become its third-largest site after its headquarters in Ludwigshafen, Germany, and Antwerp, Belgium.
  • The MoU is one of several agreements between German and Chinese firms at a meeting of Chinese Prime Minister Li and German Chancellor Merkel in Berlin today, including Siemens (OTCPK:SIEGY +0.7%) deals with China’s State Power Investment for joint development of a high-performance gas turbine and with Alibaba (BABA +0.3%) for cooperation on an Internet of Things platform.
  • Also: BMW to use Chinese supplier for EV batteries (July 9)
  • Now read: Alibaba Is A No-Brainer


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