Lanxess鈥檚 sales surge 30% in 2017
Print Edition
LANXESS posted a 30 percent surge in its sales in China last year as the German specialty chemicals company rode on the country’s “fast upgrading” in the auto and building markets.
It didn’t unveil specific figures on China’s sales, but said the 30-percent jump in sales propelled China to account for 13 percent of its global sales in 2017. The group reaped 9.66 billion euros (US$11.93 billion) in sales worldwide last year.
Although growth in China’s auto sales fell to 3 percent in 2017 from 13.7 percent in 2016, “its upgrading has brought higher-than-expected profit to us,” said Qian Mingcheng, Lanxess’s chief executive officer for China.
The group’s engineering plastics and synthetic rubbers business also helped its “high growth” in China as these materials are replacing metal in cars to help reduce weight, he said.
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