BUSINESS
MIXED GERMAN PICTURE Different paths show up in third-quarter results at BASF, Bayer, and Degussa
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N A RARE CONFLUENCE OF SCHEDUL-
ing, the annual autumn press confer ences of Germany's BASF, Bayer, and Degussa occurred in the same week earlier this month, offering an oppor tunity to closely compare developments at the three. Degussa led off, announcing that core business sales for the first three quarters of 2002 were $8.34 billion, roughly level with those from the similar period of 2001. Op erating results were $547 million, up 4% from the year-ago period. The company's net earnings from con tinuing businesses were $ 132 million for the three quarters, down 70%, because of non recurring expenses taken for restructuring and personnel adjustments, and for litiga tion relating to methionine price-fixing charges against Degussa. The company is
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appealing a fine of nearly $120 million im posed by the European Union in that case. Degussa Chairman Utz-Hellmuth Felcht said the company has sold off rough ly 90% of its noncore operations, raising about $3.7 billion. It is using those funds to reduce debt and expand its growth ar eas within specialty chemicals. It is also tightly controlling costs. How ever, Felcht added, cutting spending for R&D and training at Degussa "is taboo. This is a policy I uphold with deep con viction, since the activities concerned are ones that decide our future." Felcht briefly noted that German coal company RAG has received commitments that will give it a 46.5% stake in Degus sa—eventually to be raised to just over 50%—if the country's courts approve a complex set of deals involving Degussa's
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