BASF CEO Kurt Bock has revealed that the company is set to refine its product range over the course of this year, according to a report published by Bloomberg. The company is also on the look-out for potential acquisitions.

“I know there is some expectation that there must be a big deal in the offing, something impressive,” Bock explained at the company’s annual shareholder meeting on Friday. “You can be sure that we will rationally examine potential targets. We will continue to refine our portfolio in 2016.”

Sales dove 29 percent to €14.2 billion for the first quarter of 2016, below expectations of €15.1 billion, although EBIDTA fell a more moderate 8 percent to €1.91 billion, above expectations of €1.77 billion.