1/18/2012 12:00 AM
BASF has decided to shut down its German biotechnology center and move all operations to Raleigh, North Carolina. The company will also halt all further development of seed specifically targeted to the European arena.
BASF made the decision after receiving a poor reception for its genetically modified potatoes. The company spent a "high two-digit million amount" on developing the potatoes. Stefan Marcinowski, a BASF board member in charge of plant biotechnology said, "There is still a lack of acceptance for this technology in many parts of Europe from the majority of consumers, farmers and politicians. It does not make business sense to continue investing in products exclusively for cultivation in this market."
Source: "BASF Moves Unit to U. S. After Europe Rebuffs Modified Potato," Steenagh Matthews, Bloomberg, Jan. 17, 2011
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