BASF has chosen Uruguay as the destination for a new regional financial services center and plans to be fully operational in Montevideo’s World Trade Center by 2016.
After spending a year looking for the perfect location to combine North and South America service centers, BASF (BAS.DE) chose Uruguay for its stability, transparency and skilled workforce. According to the company, “Montevideo was chosen as the location due to the country’s stable economic environment and its educated workforce which has the necessary financial and language skills, most importantly English, Spanish and Portuguese.”
The announcement from the world’s largest chemical company serves as further validation of Uruguay as an ideal base for foreign companies looking to initiate or manage existing operations in the hemisphere. In the case of BASF, the Uruguay financial service center will support subsidiaries and affiliates in more than 20 countries in North, Central and South America.
From a product line standpoint, Uruguay is a logical base for BASF considering the recent boom in agricultural production and exports in this country and Mercosur in general. The BASF Agro division offers a wide variety of fungicides, herbicides and insecticides for field crops, specialty crops, standing trees and stored timber.
In 2013, South America accounted for US$6 billion in BASF sales compared to US$19.8 billion in North America. BASF Uruguay expects to eventually have 320 employees working in the World Trade Center as 200 finance positions are shifted from North America and 120 positions are shifted from Brazil. (Full Story in Spanish)
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