AkzoNobel invests to tap sales
By Pan Xiaoyi |
April 10, 2010, Saturday
|
Print Edition
Print Edition
AkzoNobel, the world's largest coatings company, plans to invest 150 million euros (US$201 million) in China this year to capitalize on the fast expanding domestic market.
The injection accounts for about 20 percent of its total investment globally and signals the firm's commitment to expand in China, one of its most important markets worldwide.
"China is pivotal to our global business development and we set a target of earning US$2 billion (in sales) by 2012," said Rob Frohn, a board member of AkzoNobel.
In 2009, the firm achieved sales of 1 billion euros despite the global financial crisis, almost the same as a year earlier. Its net profit rose 11 percent last year from 2008, the owner of Dulux paints said but it didn't give a detailed figure.
"This investment is a clear indication of our commitment to strengthen our position and ramp up our capabilities," said Frohn.
To boost its growth in China, the Dutch firm has more than doubled its production capacity at a specialty chemicals plant in Taixing. The annual output rose to 60,000 tons from 25,000 tons to be the largest of its kind in China and one of the world's biggest.
The injection accounts for about 20 percent of its total investment globally and signals the firm's commitment to expand in China, one of its most important markets worldwide.
"China is pivotal to our global business development and we set a target of earning US$2 billion (in sales) by 2012," said Rob Frohn, a board member of AkzoNobel.
In 2009, the firm achieved sales of 1 billion euros despite the global financial crisis, almost the same as a year earlier. Its net profit rose 11 percent last year from 2008, the owner of Dulux paints said but it didn't give a detailed figure.
"This investment is a clear indication of our commitment to strengthen our position and ramp up our capabilities," said Frohn.
To boost its growth in China, the Dutch firm has more than doubled its production capacity at a specialty chemicals plant in Taixing. The annual output rose to 60,000 tons from 25,000 tons to be the largest of its kind in China and one of the world's biggest.
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