Germany based Chemicals group Lanxess is expanding its business in China. The group plans to invest more than 40 million euros.
“China is one of the fastest growing markets in Asia and thus playing a key role in our medium-term growth strategy,” said chief executive Axel Heitmann. Earlier this week the group laid the groundwork for a new production plant for leather chemicals in Changzhou. The system (costs 30 million euros, creating 150 jobs) will go into operation in 2013.
Today, the Group has put the third production line for high-tech plastics in operation in Wuxi – an investment worth ten million euros. Next week there will be a technology center in Qingdao.
The group employs 900 people in China, created revenue of 800 million euros in 2010.