Firm plans to expand local unit
Print Edition
GERMAN diversified manufacturer Freudenberg Group said it will invest 150 million yuan (US$24 million) to expand its specialty chemical site in Shanghai.
The company was also seeking “market share-driven” acquisitions in China to propel growth, its regional head said yesterday.
The facility, which makes specialty lubricants and mold release agents for applications ranging from automobile, wind power and transportation, was inaugurated in Shanghai’s Qingpu District in 2008.
The first phase of the expansion, launched yesterday, included a R&D center and office facilities. The company also plans to add warehouse and manufacturing capacity in the second phase of expansion, which is expected to be completed in 2015 or 2016, according to Hanno D. Wentzler, regional representative for Asia of Freudenberg Group and CEO of the specialty chemicals unit.
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