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Lanxess reports 24% growth in China sales
By Richard Fu |
March 23, 2012, Friday
|
Online Edition
Online Edition
German specialty chemicals maker Lanxess said its China sales rose 24 percent to a record high of 992 million euros (US$1.31 billion) last year.
Martin Kraemer, CEO of Lanxess China, said the strong growth was driven by its polymer segment, which comprises rubber and high-tech plastics businesses, as well as higher product selling prices.
The China sales represented 11 percent of global sales. If adjusted for portfolio and currency effects, growth reached about 18 percent.
Asked whether China's lower gross domestic product growth target this year, at 7.5 percent, and a slowing auto market would affect its business, Kraemer said he remained confident.
"The 7.5 percent growth is still remarkable and strong, and is something which you don't find anywhere in the world," Kraemer told a media briefing in Shanghai.
He added that its rubber business mainly serves the high-end auto market which continues to grow above industry average.
Martin Kraemer, CEO of Lanxess China, said the strong growth was driven by its polymer segment, which comprises rubber and high-tech plastics businesses, as well as higher product selling prices.
The China sales represented 11 percent of global sales. If adjusted for portfolio and currency effects, growth reached about 18 percent.
Asked whether China's lower gross domestic product growth target this year, at 7.5 percent, and a slowing auto market would affect its business, Kraemer said he remained confident.
"The 7.5 percent growth is still remarkable and strong, and is something which you don't find anywhere in the world," Kraemer told a media briefing in Shanghai.
He added that its rubber business mainly serves the high-end auto market which continues to grow above industry average.
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