Germany’s LANXESS eyes growing South Africa auto market
27 November 2012 16:14 [Source: ICIS news]
LONDON (ICIS)--LANXESS is looking to growing car sales in ?xml:namespace>South Africa as a market for its synthetic rubber chemicals and high-tech plastics, the Germany-based chemicals firm said on Tuesday.
South Africa's automotive market and industry were encouraging – despite a backdrop of weak momentum in the overall economy, LANXESS said.
South Africa’s overall new car and commercial sales for October rose 10.5% year on year to 57,845, and total domestic sales for the first ten months of 2012 were up 10.1% year on year, LANXESS said, citing a recent report by the country’s auto manufacturers association.
Meanwhile, South Africa’s October export car sales fell 3.3% year on year to 24,904.
LANXESS said that South Africa’s car market is expected to continue its growth, driven by low interest rates, replacement demand, attractive incentives, and a variety of choice and ongoing new model introductions, among other factors.
LANXESS’ production in South Africa includes a chrome ore mine, a chrome chemicals plant, and a facility for rubber chemicals, among other assets.By: Stefan Baumgarten+1 713 525 2653
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