LANXESS opens subsidiary in Istanbul to expand in Turkish market
18 June 2012 12:14 [Source: ICIS news]
LONDON (ICIS)--LANXESS has opened a subsidiary in ?xml:namespace>Istanbul as part of its plan to expand in the Turkish market, the Germany-based specialty chemicals firm said on Monday.
LANXESS said it generated record sales in Turkey in 2011 amounting to around €125m ($158m), almost triple the amount achieved in 2009.
"The establishment of our new subsidiary [LANXESS Kimya Ticaret Ltd. Sti.] in Turkey represents another milestone on our global growth path," said Axel Heitmann, chairman of the board of management of LANXESS.
"Turkey is tremendously important to LANXESS, not only because of its geographical location between East and West, but also as an engine for growth in the entire region," he added.
The company anticipates the Turkish economy will grow between 4-5% a year between 2013 and 2016, significantly faster than western Europe, it said.
The most important sectors in Turkey for LANXESS are the automotive and tyre industries. The company expects the automotive industry in Turkey to grow by 8.5% in 2013 and then 3.5%/year from 2014 to 2016.
In the construction industry, LANXESS foresees growth rates of between 4-5% in the upcoming years, it added.
($1 = €0.79) By: Leigh Stringer+44 208 652 3214
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