Corrected: DSM targets sales of $1.5bn by 2010 in China

19 November 2009 04:57  [Source: ICIS news]

Correction: In the ICIS news story headlined “DSM targets sales of $1.5bn by 2010” dated 19 November 2009, please read the headline as “DSM targets sales of $1.5bn by 2010 in China” instead of “DSM targets sales of $1.5bn by 2010”. Also, in the first paragraph, please read ...achieve the sales target of $1.5bn (€1.01bn) by the year 2010 in China... instead of ...achieve the sales target of $1.5bn (€1.01bn) by the year 2010.... A corrected story follows.

SHANGHAI (ICIS news)--The Dutch chemical and pharmaceutical company DSM aims to achieve the sales target of $1.5bn (€1.01bn) by the year 2010 in China through innovation, said Jiang Weiming, President of DSM China in Shanghai late on Wednesday.

“The target of $1.5bn is just a number, and we cannot consider it as our most important priority as we should pay more and more attention to the environment and innovation sectors,” Jiang said.

DSM as a whole is reaping the benefits of a cost reduction strategy which aims to save €150-200m ($223.5-298) on a yearly basis by 2010.

“We can see that the chemical market turned better and better in the second half of this year, compared to its weak performance in the first half, now it is hard to [predict] the profit for the whole year because there is still more than one month until the year end,” he said,

“But I believe the profit number will be better than that of last year because we are focusing on innovation to support our development,” he added.

DSM expects its group operating profit in the fourth quarter to be lower than that in the previous quarter, but higher than in the fourth quarter of last year. Its operating profit was down 41% year on year to €139m in the third quarter of this year.

“Thanks to the strong demand from the food and pharmaceutical sectors, which increased steadily in 2008, DSM has not suffered badly last year despite the global financial crisis, instead, we performed better than in previous years,” he said.

The group believes the China market is an important region for advancing its commitment to sustainable development and innovation, Jiang said.

($1 = €0.67)

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By: Dolly Wu
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