Lanxess shifts Asian leather unit HQ to Singapore

05 May 2008 10:14  [Source: ICIS news]

SINGAPORE (ICIS news)--German specialty chemicals firm Lanxess said on Monday it will transfer the Asian marketing headquarters of its leather business unit to Singapore from Hong Kong with effect of 1 July 2008.

The relevant logistics processes for the rapidly-expanding Chinese market will also be handled in Singapore to improve its workflows in supply chain management by the second half of the year, the company added.

“By pooling our sales and logistics activities for the Asian market at our Singapore site, we can optimise processes and transport,” said Frank Paus, Head of Global Marketing in the leather business sector.

“Singapore is already the largest and most efficient distribution hub for leather chemicals in Asia, and in future it will be our most important sales location worldwide,” he added.

Singapore was chosen based on its efficient and reliable port facilities, social and political stability and good geographic location.

In March 2008, the firm pledged to invest some to €400m ($615m) in Singapore in the coming years as part of its Lanxess Goes Asia initiative.

Lanxess also posted a 42.8% fall in fourth-quarter earnings compared with the same period a year earlier, on top of the narrowing of its 2008 forecast due to a slowdown in the US economy.

($1 = €0.65)

By: Serene Cheong
+65 6780 4359

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