BASF has entered the next phase of its “Winning Ways” strategy following the rapid carve-out of its standalone businesses, with a renewed focus on strengthening and expanding its core operations. Central to this initiative is the establishment of a new Core Transformation Office, led by Julia Raquet, president, who will oversee the implementation of cross-unit transformation projects across the company’s core businesses, service units and corporate centre operations.
The transformation programme, launched under the name “CoreShift,” is designed to deliver up to 20 percent net cash fixed cost savings in BASF’s core businesses by 2029, using 2024 as the baseline year. In her new position, Raquet will report directly to Dr. Markus Kamieth, chairman of the Board of Executive Directors of BASF SE.
According to Kamieth, BASF’s core businesses are built on strong market positions, innovation capabilities and their role in supporting customers’ green transformation strategies. He said the carve-out of standalone businesses would create a more focused and coherent core structure, enabling the company to maximise competitiveness and synergies across operations while improving earnings performance.
BASF’s core portfolio consists of four business segments, Chemicals, Materials, Industrial Solutions, and Nutrition & Care, which together generate approximately €40 billion in global sales. The integrated nature of these businesses, spanning upstream and downstream value chains, positions BASF as the world’s largest diversified chemical company. The company stated that its local-for-local production strategy and competitive technologies across regions support further simplification and operational efficiency within the core portfolio.
Raquet said simplifying the operating model would be critical to achieving best-in-class competitiveness and driving profitable growth. She noted that transformation initiatives are already underway, including the restructuring of BASF’s largest Verbund site in Ludwigshafen and the reshaping of global service units.
The “CoreShift” programme builds on existing initiatives while introducing a broader global and cross-unit transformation approach. Key focus areas include simplifying operations and organisational structures, harmonising global business processes and implementing standardised IT systems through a dedicated ERP platform for core businesses. BASF also plans to increase the use of artificial intelligence technologies across the group as part of the transformation strategy.
For more information visit www.basf.com/global/en
