BASF to Increase R&D Spending By 18% in 2006; Nanotechnology is Targeted As One of Company’s Growth Clusters
The German chemicals company plans to increase its R&D expenditures to more than $1.15 billion eur (appx. $1.2 billion US dollars). The company also wants to add to its scientific staff, creating 180 new positions over the next few years. More than two-thirds of the R&D funds will be allocated to what BASF identifies as five growth clusters: energy management, raw material change, nanotechnology, plant biotechnology, and industrial biotechnology. Nanotechnology R&D is a high priority for BASF; the company has committed $180 million eur over the next twenty-four months for nanotech-related research expenditures. The company expects the end-user nanotechnology market to grow at an annual average rate of 10-15% over the next five years.