BASF cuts back on GM products

The world's top chemicals firm, Germany's BASF, said Monday it was halting the development and marketing of new genetically-modified products destined for the European market given concerns in some countries over the technology.

"We are convinced that plant biotechnology is a key technology for the 21st century," Stefan Marcinowski, a member of BASF's executive board, who heads up plant biotechnology, said.

"However, there is still a lack of acceptance for this technology in many parts of Europe, from the majority of consumers, farmers and politicians.

"Therefore, it does not make business sense to continue investing in products exclusively for cultivation in this market," he said.

BASF said it would, therefore, stop the cultivation of Amflora, a genetically-modified potato, which was approved in Europe in 2010, and would move its plant science headquarters to the US.

However, it left the door open for other genetically-modified potatoes saying their already-underway regulatory approval processes would continue.