27 October 2008 10:10 [Source: ICIS news]
LONDON (ICIS news)--LANXESS will invest €35m ($44m) to expand production capacity at its aromatics network in Leverkusen, Germany, by up to 60%, the specialty chemicals company said on Monday.
“The ongoing expansion of the aromatics network through the single biggest investment that the basic chemicals business unit has ever made is a clear expression of faith in the Leverkusen site,” said board member Werner Breuers.
The site’s aromatics network comprises a large number of products which are primarily used in agrochemicals, polymers, surface coatings and pigments.
LANXESS said the expansion would be complete by the beginning of 2010 with the first increase in production for products such as cresols, Vulkanox BHT, Vulkan BKF and chlorobenzene due in the third quarter of 2009.
“The markets of these chemicals are in a strong period of consolidation and LANXESS is helping to shape this process actively,” said Breurs.
“We are still able to make this investment despite a possible weakening of the economy, as the greater part of the capacity increase is already covered by supply contracts,” he said.
($1 = €0.80)
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