By Giulia Petroni

Germany's BASF SE (BAS.XE) said Friday that its agricultural-solutions division is targeting a 50% increase in sales by 2030.

Adjusted earnings before interest, tax, depreciation and amortization is expected to grow by an average of 5% per year. BASF also said it is increasing its R&D budget to approximately 900 million euros ($982 million) this year and plans to launch more than 30 new products with peak sales potential of more than EUR6 billion by 2028.

In the first half of 2019, sales in the agricultural solutions division increased by 38% to EUR4.4 billion, compared with the same period in the previous year. The division generated sales of EUR6.16 billion in 2018.

BASF's strategy in agriculture is based on providing farmers a portfolio of sustainable agricultural and digital solutions aiming at facing challenges such as limited arable land, disease pressure and climate change.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 27, 2019 04:07 ET (08:07 GMT)

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