BASF's operating profits fell 51.7 per cent to E328m ($293m) in the third quarter compared with last year (excluding special items), on sales that were 21.7 per cent lower at E7.199bn.

Europe’s largest chemicals company said that it expected the fourth quarter to show no improvement. Chief executive Jürgen Strube said: "Consumer confidence is continuing to decline heavily both in Europe and in the US; order levels are also falling, and this applies to the chemical industry too; the capacity utilisation of our plants is at its lowest level since the recession of the early 1990s."

On the plus side, the company began a restructuring plan earlier in the year with the announcement of 4,000 job losses and various site closures and reductions in capital expenditure. The implementation of this strategy should leave it well placed to expand when economic conditions are right.