BASF To Invest $500 Million In NAFTA

The German pharmaceutical and chemicals company BASF is to invest some $500 million a year in the USA, Canada and Mexico, the countries which make up the North American Free Trade Agreement group.

Dieter Stein, head of BASF Corporation, the group's North American holding company, said that because everyone was talking about Asia, it did not mean that BASF would reduce its efforts in the NAFTA area.

Dr Stein said that in the pharmaceuticals sector, which now accounts for 8% of sales, turnover was expected to double within five years to 15% following the launch of four new drugs (see also page 22). A further expansion of US activity will take place in the medical area, where BASF already has a large part of its cancer and immunology research.