Basf Agreement

Contact: BASF Jasmin Tortop (Germany) Tel. `49 621 60 28412 `The BASF SE management representative committee supports the new implementation agreement in the pursuit of cultural transformation initiated by the company`s strategy. Leaders play a crucial role in this. They motivate and inspire employees, give directions and assume their responsibilities. The location agreement provides them with a reliable framework that allows them to successfully meet future challenges with their employees,” said Rainer Nachtrab, Chairman of the BASF SE Group`s Executive Representatives Committee. BASF and New Energy have also signed an agreement for a feasibility study to adapt New Energy`s proprietary pyrolysis technology to the conversion of other plastic waste streams. “The collaboration with New Energy underscores BASF`s ambition to use recycled raw materials in the chemical industry and to lead the transition to a circular economy for plastics,” explains Lach. Under the agreement, anyone who sued the company for asbestos-related injuries between March 1984 and March 2011 is entitled to compensation from the Settlement Fund, but has dismissed the action or voluntarily dismissed the appeal. The new implementation agreement is a commitment to Ludwigshafen`s role within BASF by the company`s management and workers` representatives. The site should serve as a model and precursor for the entire group when it comes to meeting key challenges. In order to continue to compete successfully in the future, the following themes have been defined: “Living the new BASF together!”, one of the most important provisions of the pact protects workers from layoffs for the duration. It also calls for the world`s largest chemical producer to invest at least 1.5 billion euros a year in new projects, modernization and maintenance in Ludwigshafen by 2025.

This is in contrast to an investment commitment of 1.2 billion euros in the previous four-year agreement. The agreement is part of BASF`s ChemCyclingTM project, launched in 2018, which focuses on chemical reprocessing of plastic waste on an industrial scale after the consumer. According to BASF, the program`s first commercial products were introduced this year. The project focuses on the use of mixed plastic waste that would otherwise be landfilled or incineration. BASF also sees a chance to increase recycling rates for used tires. It notes that used tyres fall within the defined definition of plastic waste according to the consumer. Under the agreement, New Energy will supply up to 4,000 tonnes of pyrolysis oil to BASF from used tires.

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