LANXESS targets 20% growth with Russia venture

17 September 2008 13:03  [Source: ICIS news]

COLOGNE (ICIS news)--LANXESS on Wednesday said it is preparing to enter the Russian market next year by launching a new sales branch in Moscow and is looking for annual revenue growth of 20% in the country.
 

The German specialty chemicals group said there was especially high demand for its high-tech rubbers, rubber chemicals and ion exchange resins in the country.

 

“We consider annual sales growth of 20% a realistic target… manufacturing ther [in Russia] will come one day," said LANXESS CEO Axel Heitmann.
 
The Russian chemicals market was growing at a rate of over 5% per year with strong medium-term demand growth in automotives and construction, bucking the trend of many Western economies, the company said.
 
“We have identified substantial development potential for LANXESS and will systematically enlarge our market shares,” added Heitmann in Cologne, where the company planned to move its global headquarters from nearby Leverkusen.

 

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By: Mark Watts
+44 20 8652 3214

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