LANXESS expects China business to grow 9% in ‘08

17 April 2008 15:08  [Source: ICIS news]

SHANGHAI (ICIS news)--LANXESS expects its business in China to grow at 9% in 2008, said chairman Axel Heitmann on Thursday.

 

China was the German specialty chemicals company’s fastest growing market with a turnover of $600m in 2007, accounting for nearly 6% of its global sales, he said, adding the economic powerhouse was poised to sustain its momentum.

 

LANXESS announced the addition of a new plant for lubricant additives in Qingdao last year and now the market for lubricants in China was roughly four times as big as that in Germany, growing at an annual rate of 8%, said Heitmann.

 

The company had seen sales at its functional chemicals business segment triple since 2005, while sales of butyl rubber had nearly doubled in that time and those of polybutadiene rubber had increased fourfold, he added.

 

The group has factories in Wuxi, Qingdao and Weifang, all located in east China.

By: Dolly Wu
+65 6780 4359

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly