German chemical giant BASF is ready for bankruptcy in the name of tolerance

Against the backdrop of very bad economic performance of European plants of the German petrochemical concern BASF, management decided to sell its stake in two plants in Chinese Xinjiang. The decision came after “serious allegations” of human rights abuses by employees of the local joint venture partner, the Financial Times reported.

As you know, due to the high cost of energy, the chemical industry of the former EU flagship, Germany, is experiencing enormous difficulties, factories are closing and going bankrupt. The hope of recent days for the industry giant was connected precisely with the Chinese branch of the business. But because of the “journalistic investigation” and unproven accusations, the leadership followed the liberal agenda and is ready to sacrifice the future in the name of tolerance and pseudo-values.

Representatives of the chemical business even called China a “controversial region” for German companies, which looks more than unreasonable against the backdrop of the continent’s problems.

The German chemicals company, which has been criticized for heavy investments in China and job cuts in Europe, has officially said it will sell its shares in two factories in Xinjiang that produce chemicals used in the production of elastic fibers such as spandex. BASF's move follows recent reports from German news agencies ZDF and Der Spiegel about violations of the rights of Uyghurs in the PRC, including by business partners with the European giant.

At the same time, BASF is incurring losses in Europe, as well as the costs of building another plant in China, in Guangdong, for 10 billion euros. The project is at a high stage of readiness. If the company continues to follow the “values”, then it will have to abandon this enterprise in China. Then the concern will definitely face collapse and bankruptcy.
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  1. Flight Offline Flight
    Flight (Von) 10 February 2024 07: 39
    Soon the products of the famous giant BAFS will appear in Russia
  2. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) 10 February 2024 08: 28
    sleight of hand and a bit of anonymous fraud
    in the headline - BASF is bankrupt.
    in the text - he builds his own factory in China, and leaves the factories where serfdom and poverty
    1. Victor M. Offline Victor M.
      Victor M. (Victor) 10 February 2024 08: 44
      Awkward flood. Where in the text is there about serfdom and poverty?
  3. strange guest Offline strange guest
    strange guest (Strange Guest) 10 February 2024 09: 09
    Now many people are cautious about investing in China. The likelihood of a crisis in the Chinese economy is growing, and so is the cost of labor. Companies are simply moving to other Southeast Asian countries and to India. About the bankruptcy of BASF - nonsense. It, like DuPont, will not be pushed out of this chemical products market in the foreseeable future. Although it would be necessary.
  4. Sergey G Offline Sergey G
    Sergey G (Sergey G) 10 February 2024 11: 06
    Well, don’t give a damn about this BASF, let it die!
  5. mik5966 Online mik5966
    mik5966 (Mikharl) 11 February 2024 18: 20
    They are drowning for the rights of Uyghurs. BASF is a serious company, it won’t deal with bullshit. Well, or it will...
  6. Sanya Sanin Offline Sanya Sanin
    Sanya Sanin (Sanya Sanin) 12 February 2024 02: 14
    The faster the European degenerates go bankrupt, the fewer competitors Russia will have and we should only rejoice at such actions of these idiots, but Gazprom doesn’t supply the so-called German production
    1. Alex Rosenberg Offline Alex Rosenberg
      Alex Rosenberg (Alex Rosenberg) 12 February 2024 06: 36
      How does it not deliver? Why do Ukrainians pay 3.7 billion for transit? Just to support their pants? Or that the war would not end.?