Lanxess buys Jiangsu Polyols Chemical
Published: 11 Jun 2009 19:38:03 PST
The deal is expected to be completed in the third quarter of this year. However, other details on the acquisition were not disclosed. The acquisition is in line with Lanxess's strategy to grow in emerging markets, such as Brazil, Russia, India and China, which contribute around 16% to the company's global sales. Martin Kraemer, chief executive of Lanxess Greater China, said the company did not rule out possibilities of more acquisitions in China, but they are unlikely to be big transactions. Lanxess' sales in China reached EUR 500 million in 2008, representing a year-on-year growth of 15%. Jiangsu Polyols Chemical's sales revenue was about RMB 100 million in 2008 with around 170 employees. It mainly produces trimethylolpropane for lubricants, paints and coatings. Copyright © 2009 www.chinaknowledge.com |
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