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Yip's Chemical plans to boost sales to US$1.29b
By Richard Fu |
March 28, 2013, Thursday
|
Online Edition
Online Edition
YIP'S Chemical Holdings Ltd, the world's largest acetate solvents maker, aims to raise sales to HK$10 billion (US$1.29 billion) this year and HK$20 billion in 2020 by expanding capacity amid rising demand.
The company posted all-time high sales of HK$8.89 billion last year, up 7 percent from 2011. Earnings rose 37 percent to HK$276.3 million.
Deputy Chairman Stephen Yip said the company will build production capacity in China that's enough to support HK$20 billion of annual turnover by 2015, though the sales target will not be met until 2020.
China's urbanization and government efforts to boost consumption will benefit the company's businesses, he said in Shanghai on Wednesday.
China accounts for more than 90 percent of the Hong Kong-based company's sales.
Yip's Chemical makes Bauhinia paints, solvents, coatings and lubricants.
The company posted all-time high sales of HK$8.89 billion last year, up 7 percent from 2011. Earnings rose 37 percent to HK$276.3 million.
Deputy Chairman Stephen Yip said the company will build production capacity in China that's enough to support HK$20 billion of annual turnover by 2015, though the sales target will not be met until 2020.
China's urbanization and government efforts to boost consumption will benefit the company's businesses, he said in Shanghai on Wednesday.
China accounts for more than 90 percent of the Hong Kong-based company's sales.
Yip's Chemical makes Bauhinia paints, solvents, coatings and lubricants.
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