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BASF Q4 Adj. EBIT Up 23%; Accelerates Streamlining Of Organization

BASF Group (BFA.L,BASFY.PK) reported that its fourth-quarter EBIT before special items was 765 million euros, up 23 percent from fourth quarter of 2018. The increase was driven by significantly higher earnings in the Agricultural Solutions, Nutrition & Care, Industrial Solutions and Surface Technologies segments.

Sales for the fourth quarter of 2019 declined 2 percent year-over-year to 14.7 billion euros. Volumes and prices each decreased by 1 percent. The portfolio effects resulting from the transfer of the business with paper and water chemicals to Solenis amounted to minus 1 percent.

The company said it will propose to the Annual Shareholders' Meeting a dividend payment of 3.30 euros per share. It will represent an increase of 0.10 euros.

BASF said it also accelerated the streamlining of its organization. It had announced that 6,000 positions would be reduced worldwide by the end of 2021. But, this number should now be reached by the end of 2020. Last year, BASF already reduced 3,100 positions worldwide.

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