GA Trade May-Jun interactive - page 8

Revenue for GermanCompanies
in theU.S. Continues toGrow
Top 50 Ranking of
German Firms in theU.S.
G
erman subsidiaries in the U.S.
continue to drive revenue as
the annual Top 50 Ranking of
German Firms conducted by the
German American Chambers of
Commerce indicates. Overall, the
sales performance increased to over
$364 billion, compared to $348
billion in the previous year which
translates to an overall revenue
growth of 4%. Auto manufacturers
such as Volkswagen and Daimler
continue to profit from the recover-
ing U.S. market. Their figures,
together with T-Mobile, show the
strongest growth.
However, not all companies were
able to increase their revenue on
the U.S. market. The stagnant
renewable energy sector in the U.S.
affected companies such as Sie-
mens which experienced an order
gap in its wind farms segment,
resulting in an overall sales
decrease of $1.7 billion. E.ON
Climate and Renewables North
America dropped out of this year’s
top 50 ranking.
Although natural gas prices in the
U.S. increased slightly over the past
couple of months, they are still
significantly below the European
average. Companies such as BASF
profit from the low energy prices
and continued to invest in North
America. In 2013 BASF doubled its
capital expenditure from $500
million to $1 billion. BASF’s
strategy paid off in form of revenue
gain of over $1 billion for the fiscal
year 2013.
BASF says “YES” to TTIP
In regards to securing BASF’s
strong position in the U.S. market,
Hans Engel, Chairman and Chief
Executive Officer of BASF Corpora-
tion and Chief Financial Officer of
BASF SE., sees much potential in
the Transatlantic Trade and
Investment Partnership between the
European Union and the U.S.:
“BASF strongly supports the launch
of negotiations to pursue the
Transatlantic Trade and Investment
Partnership (TTIP), a free trade
agreement with the European
Union. The U.S., the second largest
chemical market in the world, is an
important market for BASF. It
accounts for about 20% of BASF
Group Sales. An agreement would
give a powerful signal for further
global trade liberalization, in
addition to gains from tariff
reductions and increased regulatory
cooperation. This does not mean a
C O V E R S T O R Y
Automanufacturers
such as Volkswagen
and Daimler
continue to profit
from the recovering
U.S. market.
Their figures, together
with T-Mobile, show
the strongest growth.
By JanVater&NicolaMichels, GACC
8
GermanAmerican TradeMay/June 2014
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