BASF SE's BASFY Coatings division, through its Surface Treatment business unit operating under the Chemetall brand, has installed an advanced photovoltaic system at its Boksburg site in South Africa. This marks a major milestone in the company's pursuit of greater sustainability. Chemetall remains dedicated to a more sustainable future, and the implementation of the new photovoltaic system in Boksburg represents a key part of its ongoing efforts to incorporate renewable and sustainable energy sources into its operations.

Chemetall's new cutting-edge photovoltaic system features 1,725 square meters of solar panels installed on the site's roofs, as well as 600 kW battery storage systems. Chemetall forecasts a 92% decrease in its current energy expenses and a matching 92% reduction in CO2 emissions at the Boksburg facility after completing this project and using renewable energy. Chemetall's project contributes to BASF's objective of reaching net-zero emissions by 2050.

The installation of the solar system in Boksburg demonstrates Chemetall's commitment to promoting a more sustainable future through the use of renewable energy sources in its operations. The company's constant improvement of its carbon footprint also helps its customers meet their sustainability goals by sourcing products from Chemetall.

Shares of BASFY have gained 7.5% over the past year against an 11.8% decline of its industry.

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BASFY’s Rank & Key Picks

BASFY currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Methanex Corporation MEOH and Axalta Coating Systems Ltd. AXTA

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 15.7%. The company's shares have soared 218.2% in the past year. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Methanex, which currently carries a Zacks Rank #2, beat the consensus estimate in each of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 85.2%, on average. MEOH’s shares have gained 1.5% over the past year. 

Axalta Coating Systems, which currently carries a Zacks Rank #1, beat the consensus estimate in each of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 16.3%, on average. AXTA’s shares have rallied 10.7% over the past year. 

 

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