Eastman Chemical looks to M&A for faster growth in China

14 April 2010 09:47  [Source: ICIS news]

SHANGHAI (ICIS news)--Eastman Chemical plans to speed up its growth in China through mergers and acquisitions (M&A), the company’s CEO said in Shanghai on Wednesday.

“Globally we aim at 20% profit growth in the next three years until 2012,” said Eastman CEO James Rogers. “China is an important part of it. Some of our existing products are already growing at 20%,” he said.

Rogers was speaking at a breakfast meeting sponsored by the American Chamber of Commerce in Shanghai.

Eastman's business in China represents 10% of  its global turnover, and the company was looking to increase the percentage, he added.

Earlier in the year, Eastman announced that it had completed the acquisition of Tongxiang Xinglong Fine Chemical Co Ltd, a cellulose-based specialty polymers manufacturing facility located near Shanghai. 

Aside from M&A, Eastman was also interested in joint ventures with local companies, Rogers said, adding that Chinese projects could also involve international partners.

The US-based company produces chemicals, fibres, and plastics for a wide variety of everyday applications.

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By: Alfred Wong
+65 6780 4356

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