Sales generated by BASF’s UK business fell 13.5% to £1.01bn for 1998, the result of the Asian crisis and the strong pound, the company said this week.
Plastics and fibres, and chemicals sales were down 12% and 15% respectively.
The German chemicals giant, which launched a restructuring of its Teesside activities earlier this year, forecasts that the textiles market will stabilise in 1999. Others, with the exception of health and nutrition, will show a slight decline.
BASF said 50% of the drop in 1998 sales, down 3.1% to DM54.06bn (£18.51bn), was due to low oil prices. But growth in health & nutrition and colorants & finishes lifted pre-tax profits 1.7% to DM5.42bn.