BASF reports strong Q1 results

BASF said strong demand in the chemicals business boosted sales by 25% in the first quarter to €19.4 billion (US$27.8 billion). Sales in the Performance Products segment were far above the level of the same quarter a year ago. The Cognis businesses acquired by BASF in December 2010 contributed significantly to the improvement in sales, the company said. Sales growth was additionally boosted by increased volumes, as well as higher prices resulting from the rise in raw materials costs. Earnings improved as a result of the inclusion of the Cognis businesses, synergy effects from the Ciba integration and the successful repositioning of the combined businesses. (May 6,2011)