BEIJING, Dec. 14 (Xinhua) -- Global leading specialty chemicals company LANXESS plans to invest some 250 million euros in Asia by 2023 through a new comprehensive investment program to strengthen its influence in the growing Asian market.
Most of above investment would be put into Chinese market, the company announced in Shanghai on Thursday.
Asian market, especially Chinese market, is essential for LANXESS’ business growth, according to LANXESS board member Dr. Hubert Fink, reported Xinhua-run xinhua08.com.
LANXESS’ business in China has been expanding quickly since it set foot in 2005, with sales volume reaching about 1.2 billion euros by 2017, accounting for some 13 percent of its total sales globally.
China ushers into a new development period driven by consumption upgrades and this creates vast growth potential for LANXESS’ specialty chemicals, according to Ming Cheng Chien, CEO of LANXESS Greater China. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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