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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 in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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