We Remain Optimistic on BASF's Long-Term Prospects Despite Near-Term Headwinds

BASF is the world’s largest chemical company, producing commodity and specialty chemicals in nearly every major chemical category. The firm maintains a top-three market position in more than two thirds of its businesses. The company’s products are sold to a wide variety of end markets ranging from industrials to transportation to pharmaceuticals to agriculture. Its catalysts business represents about one quarter of annual revenue, and the remaining 12 business lines each account for 10% or less.