BASF SE’s (BASFY – Free Report) Coatings division has switched to 100% renewable electricity at its North American locations in Greenville, OH, and Blackman Township in Jackson County, MI, beginning January 2025. The transition to renewable electricity will result in a considerable decrease of more than 11,000 tons of CO2 emissions per year, benefiting both BASF Coatings’ operations and consumers.
BASF Coatings manufactures resins, E-Coats and clearcoats at its Greenville facility. The Blackman Township facility focuses on surface treatment solutions for BASF’s Surface Treatment global business unit, which operates under the Chemetall brand. By investing in renewable electricity, the company looks to reduce its environmental effects and improve sustainability in its operations while also assisting consumers in meeting their sustainability goals.
The company currently operates 17 facilities in all regions of the world, all of which rely on electricity generated from renewable sources. Customers who source from these sites have a lower overall carbon footprint, often known as a ‘carbon backpack.’ As a result, the usage of renewable electricity helps to reduce environmental impact throughout the automotive value chain. This operational transformation is another step forward in the company’s commitment to meeting its Climate Protection goals and making an impact. Furthermore, the company is always innovating on CO2-reducing solutions to help its customers with their green transition, such as thin film technology and the mass balance method.
Chemetall prioritizes sustainability by providing innovative surface treatment solutions that assist customers in meeting their individual sustainability goals. The company is decreasing its carbon impact significantly by switching to 100% renewable electricity at its Blackman Township production location. This effort not only improves the sustainability of the company’s operations but also helps its consumers reduce its overall environmental effects.
Shares of BASFY have gained 1.3% over the past year against an 3.4% decline of its industry.
Image Source: Zacks Investment Research
BASF’s Rank & Key Picks
BASFY currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS – Free Report) , Hecla Mining Company (HL – Free Report) and New Gold Inc. (NGD – Free Report) .
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company’s shares have soared 222.3% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hecla Mining, which currently carries a Zacks Rank #1, beat the consensus estimate in three of the trailing four quarters, while missing once. In this time frame, it has delivered an earnings surprise of roughly 50%, on average. HL’s shares have rallied 60.9% over the past year.
New Gold, which currently carries a Zacks Rank #1, beat the consensus estimate in three of the trailing four quarters, while missing once. In this time frame, it has delivered an earnings surprise of roughly 37.5%, on average. NGD’s shares have rallied 132% over the past year.
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