FRANKFURT, Germany (AP) — German chemical company BASF said Friday that it was speeding up the sale of stakes in two joint ventures in China after its local partner was accused in media reports of human rights abuses.
BASF said in a news release that the market for the industrial chemicals made at the production sites in Korla in China's Xinjiang region was under increased competitive pressure and oversupplied. The company says it had already begun the divestment process.
However, it added that recent reports had contained “serious allegations” about activities “inconsistent with BASF's values.”
German news media had reported that employees of a BASF partner firm had participated in a state repression campaign aimed at the region's minority Muslim Uighur population.
BASF said internal and external audits found no evidence of rights violations and no indication that the employees of the joint ventures — BASF Markor Chemical Manufacturing and Markor Meiou Chemical (Xinjiang) Co — were involved in the alleged violations.
The company said it remained committed to the China market.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Unlock your free copy of MarketBeat's comprehensive guide to pot stock investing and discover which cannabis companies are poised for growth. Plus, you'll get exclusive access to our daily newsletter with expert stock recommendations from Wall Street's top analysts.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
