FLORHAM PARK, N.J., Jan. 30 /PRNewswire-FirstCall/ -- BASF Corporation has appointed Fried-Walter Muenstermann as Executive Vice President and Chief Financial Officer, effective February 1, 2006. Muenstermann succeeds Dr. Hans-Ulrich Engel who will remain with BASF Corporation as Executive Vice President, and will focus on managing BASF's planned acquisition of Engelhard Corporation, Iselin, N.J.
"Hans played a critical role in BASF's successful restructuring in North America," said Klaus Peter Loebbe, Chairman and Chief Executive Officer of BASF Corporation. "He was instrumental in driving our North American business to achieve strong earnings growth. We are looking forward to continuing the profitable growth in this market as Fried-Walter joins the management team."
Prior to this assignment, Muenstermann served as Group Vice President, Regional Functions and Business Development in Europe for BASF AG in Ludwigshafen, Germany. He served as Managing Director, BASF plc., in Cheadle, U.K., from 2001 to 2003, and prior to that was Vice President, Controlling and Investor Relations for BASF Pharma, Ltd., for four years. In 1995, Muenstermann was named Senior Manager, Corporate Development for BASF subsidiary Knoll AG. He joined BASF Magnetics GmbH in 1992 in the Finance and Accounting/Controlling Division. Muenstermann studied business administration at the University of Muenster and the University of Cologne.
Dr. Engel was appointed Executive Vice President and Chief Financial Officer of BASF Corporation in August 2000. He joined BASF AG in Ludwigshafen, Germany, in 1988 as a member of the legal department and served in various assignments in the United States and Germany before being appointed, in 1997, Chief Executive Officer of BASF Schwarzheide GmbH. A native of Goettingen, Germany, Dr. Engel studied law at Goettingen and Freiburg Universities from 1977 to 1983. He completed in-service training from 1984 to 1987 at the Higher Regional Court, Oldenburg, Germany, before earning his doctorate at Goettingen University.
BASF -- The Chemical Company. We don't make a lot of the products you buy. We make a lot of the products you buy better.(R)
BASF Corporation, headquartered in New Jersey, is the North American affiliate of BASF AG, Ludwigshafen, Germany. Rated in FORTUNE magazine as America's Most Admired Chemical Company, we employ about 10,000 people in North America and had sales of approximately $11 billion in 2004. For more information about BASF's North American operations, or to sign up to receive news releases by e-mail, visit http://www.basf.com/usa.
As the world's leading chemical company, BASF has a product portfolio that ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. BASF's intelligent solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. In 2004, BASF had approximately 82,000 employees and posted sales of more than $50 billion. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF), and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com/.
FCMN Contact: maurerj1@basf-corp.com
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