BASF leads Fortune's global most admired list in chemical industry innovation
The annual list is compiled based on surveys of business executives and analysts. BASF was named the chemical industry world leader in four of nine key attributes - innovativeness, quality of management, financial soundness, and global business acumen - and was ranked number two in composite scoring for the industry overall, behind Dupont.
"BASF is an innovations factory. Innovations are to be found in all of our business segments. Not just in the laboratory, but wherever our employees work: in production, in marketing and sales, in logistics and in many other functions," said Dr. Stefan Marcinowski, Member of the Board of Executive Directors and Research Executive Director.
BASF's innovation strategy has three components: process innovations, product innovations and market innovations.
Through process innovations, the company optimizes production processes to achieve cost leadership. Through product innovations, BASF develops new chemical structures and applies established chemistry to new applications. Through market innovations, in close cooperation with its customers, BASF identifies completely new solutions to problems for many different industries. With a circulation of approximately 870,000, Fortune magazine is one of the leading international business publications.
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