BASF to carve out mobile emissions catalysts business, invest up to €4.5B in battery materials and recycling
With the shift toward electromobility, the automotive industry is currently in the middle of its biggest transformation in history. As the largest chemicals supplier to the automotive industry, BASF will further strengthen its focus on battery materials and recycling and will establish a separate mobile emissions catalysts, automotive catalysts recycling and associated precious metal services entity. The new entity will be named BASF Automotive Catalysts and Recycling.
The new standalone structure will prepare the business for the upcoming changes in the internal combustion engine market and allow for future strategic options. The new entity will continue to operate globally and comprise approximately 20 production sites and over 4,000 employees.
The carve-out process will start in January 2022 and is expected to take up to 18 months. Throughout this process, BASF’s top priority is business continuity for its customers, partners and employees.
BASF Automotive Catalysts and Recycling will be a distinct legal entity structure, headquartered in Iselin, New Jersey, and will be led by Dirk Bremm as CEO.
Additionally, BASF will further increase its focus on its e-mobility offerings.
BASF will become a leader in innovative and sustainable cathode active materials with a significant production capacity footprint in Asia, Europe and North America. The recently announced long-term battery materials strategy lays out an ambitious growth plan for battery materials and base metal services with targeted 2030 sales in excess of €7 billion. To implement its growth plan, BASF targets investments worth €3.5 billion to €4.5 billion between 2022 and 2030 in battery materials.—Dr. Peter Schuhmacher, President of BASF’s Catalysts division