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LANXESS Steps Up Commitment to China through Local Investments - LANXESS is strengthening its commitment to serve the growing Chinese market with premium products by making a number of local investments totaling more than EUR 40 million - LANXESS.com
LANXESS Steps Up Commitment to China through Local Investments

 

PRZOOM - /newswire/ - Leverkusen, Germany, 2011/07/28 - LANXESS is strengthening its commitment to serve the growing Chinese market with premium products by making a number of local investments totaling more than EUR 40 million - LANXESS.com. FRA: DE Frankfurt: LXS

   
 
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• Groundbreaking for new leather chemicals plant in Changzhou;
• Start-up of new high-tech plastics production line in Wuxi;
• Opening of new technology center in Qingdao for beverage industry products.

“China remains one of the fastest growing markets in Asia and a key pillar of our mid-term growth strategy,” said LANXESS CEO Axel C. Heitmann.

The German specialty chemicals company held a groundbreaking ceremony at the start of this week for a new leather chemicals plant in Changzhou, Jiangsu province, representing a EUR 30 million investment. It will have a capacity of 50,000 metric tons per year and will come on stream in the first half of 2013. The plant will feature the latest technology and environmentally friendly processes and will create about 150 new jobs. The plant will produce leather chemicals such as Tanigan, Isoderm, Euderm and Levotan used for leather tanning, dyeing and finishing applications. China is the largest market for leather chemicals worldwide, with steady growth expected in the coming years.

In addition, LANXESS will start up the third production line of its high-tech plastics plant in Wuxi, Jiangsu province, tomorrow. The EUR 10 million-investment increases total capacities at the plant to 60,000 metric tons per year. The plant produces the innovative, lightweight plastics Durethan and Pocan that replace heavier metal parts in automobiles thus contributing to fuel efficiency and reduced emissions. China is the world’s largest automotive market, and is expected to grow by nine percent this year.

Apart from strengthening its asset base, LANXESS is opening a technology center in Qingdao, Shandong province, next week to intensify services for the beverage industry. The center represents a single-digit million euro investment and will initially be the home to 10 experts. They will provide analytical, technical and consultancy services, as well as customized-solutions centered on LANXESS’ flagship product Velcorin, which is used as a sterilization agent in non-alcoholic beverages and wine. China is set to become the world’s largest beverage market in the next decade.

LANXESS is operating or constructing major production sites in Shanghai, Wuxi, Liyang, Nantong, Changzhou and Qingdao. In addition, the company has a headquarters in Shanghai for many of its business units, as well as offices in Beijing, Guangzhou and Hong Kong. LANXESS has close to 900 employees and achieved sales of about EUR 800 million in China in 2010.

LANXESS is a leading specialty chemicals company with sales of EUR 7.1 billion in 2010 and currently around 15,500 employees in 30 countries. The company is at present represented at 46 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.

Contact
Rudolf Eickeler, Spokesperson Financial and Business Media
T: +49 214 30 40483 / F: +49 214 30 50691 / E: rudolf.eickeler[.]lanxess.com.

 
 
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Agency / Source: LANXESS

 
 

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LANXESS Steps Up Commitment to China through Local Investments

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LANXESS |
Contact: Daniel Smith - LANXESS.com 
+49 214 30-75179 daniel-alexander.smith[.]lanxess.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any LANXESS securities in any jurisdiction including any other companies listed or named in this release.

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