Tuesday, March 5, 2024

BASF sells stakes in two China ventures

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FRANKFURT, Germany (AP) — German chemical company BASF says it’s speeding up the sale of stakes in two joint ventures in China after its local partner was accused in media reports of human rights abuses.

BASF said Friday in a news release that the market for the industrial chemicals made at the production sites in the Xingiang region is under increased competitive pressure and oversupplied. However, it added that reports contained “serious allegations” about activities “inconsistent with BASF’s values.” German news media had reported that employees of a BASF partner firm had participated in a state repression campaign aimed at the region’s Muslim Uighur population.

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