FRANKFURT, Germany (AP) — Chemical company BASF AG said Thursday that it will reorganize its business into six segments, a change that will take effect at the start of 2008.
The Ludwigshafen-based company said the new segments will be chemicals, plastics, functional solutions, performance products, agriculture solutions and oil and gas. A new operating division, care chemicals, will be formed as part of the performance products agreements.
''We are focusing our businesses even more closely on our customers,'' said Chief Executive Juergen Hambrecht.
BASF, the world's largest chemical company, makes plastics, dyes, coatings, herbicides and fertilizers. It is also involved in oil and gas exploration.
BASF shares rose more than a quarter of a percent to euro96.60 (US$140.59) in Frankfurt.