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Letter to the Editor

BASF Leads Fortune's Global Most Admired List in Chemical Industry Innovation

MOUNT OLIVE, N.J. -- BASF has been named as the leader in innovativeness in its industry in the latest Fortune magazine listing of the world's most admired companies.

The annual list is compiled based on surveys of business executives and analysts. BASF was named the chemical industry world leader in four of nine key attributes -- innovativeness, quality of management, financial soundness, and global business acumen -- and was ranked number two in composite scoring for the industry overall.

Dr. Stefan Marcinowski, Member of the Board of Executive Directors and Research Executive Director, BASF, explained that BASF's innovation strategy has three components: process innovations, product innovations and market innovations.

"BASF is an innovations factory. Innovations are to be found in all of our business segments. Not just in the laboratory, but wherever our employees work: in production, in marketing and sales, in logistics and in many other functions," Dr. Marcinowski said. "Innovations can only develop in a setting that combines competence and creativity. The brains of the innovation factory BASF are the 8,000 staff in our three central technology platforms and in our R&D units around the world."

Dr. Marcinowski added, "Chemistry is one of the most innovative industries in the world. With the three components of our innovation strategy -- new processes, new products and new markets -- we are laying the foundation for the sustainable success of BASF as well as its partners."

Headquartered in Mount Olive, N.J., BASF Corporation is the North American affiliate of BASF AG (Ludwigshafen, Germany). BASF AG had sales of approximately $34 billion in 2000 and employs more than 90,000 people worldwide.

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