Corrected: China to sustain engineering plastics growth - BASF

16 April 2008 13:51  [Source: ICIS news]

Correction: In the ICIS news story headlined "China to sustain engineering plastics growth – BASF" dated 16 April 2008, please read in the fourth paragraph ... it has achieved sales of about €4.4bn ($7bn) in Greater China.... instead of ... it has sold to China €4.4bn ($7bn) worth of engineering plastics material in 2007 ....A corrected story follows.

SHANGHAI (ICIS news)--BASF is confident that China will continue to be a growing market for engineering plastics, Hermann Althoff, Asia-Pacific vice president of BASF Engineering Plastics, said on Wednesday.

“We believe that there is no worry about the continually increasing sales in China as it is a growing market for engineering plastics especially in the automotive, electrical and electronics industry,” he said.

BASF’s compounding capacity for engineering plastics in the Asian region has exceeded 100,000 tonnes/year, said Althoff.

With the market growing at an annual average of 23% in the past decade, it has achieved sales of about €4.4bn ($7bn) in Greater China.

"We are confident that it will go above this level this year,” the executive said.

BASF’s group turnover reached €58bn in 2007 and 13% of that - around €7.65bn - was used in the automotive industry.

($1 = €0.63)

By: Dolly Wu
+65 6780 4359

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