February 19, 2018 / 6:42 PM / in a year

BASF to face millions in extra costs in UK each year from Brexit -Handelsblatt

BERLIN, Feb 19 (Reuters) - German chemical group BASF could incur 40-60 million million euros ($50-$74 million) in extra costs each year as a result of Britain’s decision to leave the European Union, the company’s UK chief told Handelsblatt.

“We expect already through possible customs duties and tariffs, changes in duties and delays in the supply chain, to incur additional costs of between 40 to 60 million euros per year,” BASF’s UK managing director Richard Carter was quoted by the newspaper as saying.

Britain hopes to negotiate a Brexit trade deal with the EU that maintains high levels of access to the bloc’s single market. The EU says Britain will lose access if it sticks to its plan to end the free movement of workers from the bloc and no longer follows judgments of the European Court of Justice.

“We stand ready to make changes if we know which ones are necessary,” Carter said. “But the lack of certainty is restricting us in what we can do now in practical terms.”

Germany’s chemicals industry, the economy’s third-biggest sector, includes companies such as BASF, Bayer and Evonik and exports chemicals worth around 12 billion euros a year to Britain. ($1 = 0.8060 euros) (Reporting by Andreas Cremer; Editing by Adrian Croft)

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