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Wednesday, November 19, 2008
BASF shuts 80 plants, Dow sales tumble as chemical orders fall
"BASF SE, the world's largest chemical company, lowered its profit forecast for the second time and plans to idle 80 factories (mostly in developing countries) after customers in the auto, construction and textile industries reduced orders... `Customers in the automotive industry have canceled orders at short notice' (Chief Execuive Juergen Hambrecht said.) `BASF is preparing for tough times.'...

"Dow Chemical's sales volumes have dropped 10 percent to 20 percent in the fourth quarter, and the U.S. company is planning for that to continue through the first half of next year." Bloomberg story here.

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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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