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BASF SE BASFY recently announced the launch of the world's first commercial loopamid facility. The production plant at the Caojing location in Shanghai, China, has an annual capacity of 500 metric tons and represents a significant step forward in the supply of sustainable products to the textile sector. The start-up of this plant exemplifies BASF's innovative strength. As part of the company's Winning Ways strategy, it uses its chemistry to develop solutions to the most pressing issues of the day. Loopamid converts textile waste into a valuable resource, conserves raw materials and closes the textile loop.
Loopamid is a recycled polyamide 6 exclusively based on textile waste. The new production facility will help meet the textile industry's growing need for sustainable polyamide 6 fibers. The technology behind loopamid enables textile-to-textile recycling of polyamide 6 in a wide range of fabric mixes, including elastane. Loopamid not only contributes significantly to the textile circular economy but also assists its customers in meeting their sustainability goals.
Shares of BASFY have lost 14.4% over the past year compared with an 18.7% 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, CSW Industrials Inc. CSWI 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 156.6% in the past year. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CSW Industrials’ current fiscal-year earnings is pegged at $8.50. CSWI, carrying a Zacks Rank #2, surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with the average earnings surprise being 10.1%. The company's shares have rallied 29.4% in 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 gained 1% over the past year.
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