Germany’s LANXESS targets 2012 sales of over €1bn in China region
01 December 2011 11:34 [Source: ICIS news]
LONDON (ICIS)--LANXESS is targeting sales of more than €1bn ($1.35bn) in Greater ?xml:namespace>China in 2012 as it continues to focus on the growing Chinese market, the German specialty chemicals producer said on Thursday.
The company defines Greater China as mainland China, Hong Kong, Taiwan and Macao.
"Greater China will continue to be a cornerstone of our fast-growing Asian business," said chairman of the board of management Axel C Heitmann.
The company said the area had been a particular focus of its global growth strategy ever since the group was founded.
Since 2005, LANXESS has achieved strong sales growth every year in Greater China, the company added.
In 2010, sales were around €800m in the countries LANXESS defines as making up Greater China, which represented 11% of total group sales, it said.
The number of employees has also risen rapidly since 2005, from 580 to the current 950, it added.
LANXESS’ most recent investment projects include the construction of a plant for leather chemicals in Changzhou; the expansion of high-tech plastics production in Wuxi; and the launch of a new joint venture with Taiwan's TSRC for the production and marketing of nitrile rubber in Nantong, all three of which are in China.
The company said in May that it was looking for acquisition opportunities in China as part of its efforts to increase global sales revenues.
($1 = €0.74)By: Leigh Stringer+44 208 652 3214
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