BASF Names Haryono Lim to Head Greater China as CoreShift Program Aims for 20% Fixed-Cost Savings
30.05.2026 - 08:51:52 | boerse-global.de
BASF is executing a dual transformation: a sweeping cost-cutting drive in its core chemicals, materials, industrial solutions, and nutrition & care segments, paired with a strategic leadership handover in its most important growth market. The German chemical giant announced that Haryono Lim, currently president of the €10 billion Zhanjiang Verbund site, will become chairman and president of BASF Greater China effective July 2026. He succeeds Dr. Jeffrey Jianfeng Lou, who is leaving the company.
The timing is deliberate. Zhanjiang, BASF’s seventh and third-largest integrated site after Ludwigshafen and Antwerp, became fully operational with renewable energy in March 2026. Spread over four square kilometers and staffed by more than 2,000 employees, the complex cuts CO? emissions by up to 50% versus conventional petrochemical plants. The region contributed a significant portion of the group’s volume growth in the first quarter, underscoring why Lim’s move to Shanghai arrives just as the half-year report is due in July.
On the cost side, "CoreShift" targets a 20% reduction in cash fixed costs in the core businesses by 2029, using 2024 as the baseline. A new Core Transformation Office, led by Julia Raquet reporting directly to CEO Markus Kamieth, will oversee implementation. The program adds to an existing cost-reduction plan that is on track to deliver around €2.3 billion in annual savings by the end of 2026. Management has confirmed an adjusted EBITDA target of €6.2 billion to €7.0 billion for the full year.
Should investors sell immediately? Or is it worth buying BASF?
Analyst reactions are mixed against this backdrop. Deutsche Bank Research reiterated a buy rating with a €60 price target, citing the positive tone of recent management presentations. Citibank, while also maintaining a buy recommendation, trimmed its target from €61 to €58. Analyst Sebastian Satz noted that faster normalisation of petrochemical prices in Asia is easing short-term margin pressure but also reducing speculative momentum, prompting Citibank to remove the stock from its "Positive Catalyst Watch." BASF shares traded near €50.65 on Friday, roughly 2% below the prior week’s level and just under the 50-day moving average, with a relative strength index of 55.8 suggesting a neutral stance.
Meanwhile, Kamieth is personally engaging with Chinese policymakers. He joined a 35-member business delegation led by German Economy Minister Katherina Reiche for talks in Beijing and Guangdong province. Meetings with Commerce Minister Wang Wentao and Vice Premier He Lifeng focused on securing access to critical raw materials, including rare earths, whose export restrictions have become a key competitive hurdle. The delegation aims to lock in long-term supply relationships.
Despite the operational uncertainties, BASF continues to return capital to shareholders. Since November 2025, nearly 27 million shares have been bought back, with more than 1.5 million repurchased in the latest reporting week. Over 24 million of those have been retired. The board has committed to an annual dividend of €2.25 per share through 2028 and authorized a buyback program with a potential volume of up to €12 billion. In the first quarter, earnings per share rose to €1.06 from €0.91 a year earlier, though revenue edged down to roughly €16.02 billion.
On a separate front, shareholders approved the carve-out of the Agricultural Solutions division into a standalone subsidiary, with an initial public offering targeted by mid-2027. The sum of these moves — cost slashing, leadership changes, diplomatic outreach, and structural separation — leaves BASF repositioning on multiple fronts. Yet for the stock to break out of its recent trading range, the market is still waiting for a single, near-term catalyst. The next major data point will be the second-quarter report in July, by which time Lim will have settled into his new role in Shanghai.
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