Recently, Ming Cheng Chien, CEO of Lanxess' local arm, presented financial data of the company for fiscal year 2017.Its China unit reported nearly 30 percent sales growth in 2017. Its regional CEO expects to generate greater returns in the coming years by paying heed to the Chinese government's call for high-quality development.
According to him, China's strategies for green transportation, people-oriented urbanization, low-carbon sustainable development and high-quality growth are a perfect match for Lanxess' motto to produce quality work and products.
In his opinion, China's supply-side reform as well as the government's proactive management of environmental protection and safety have created huge business opportunities.
The German company saw its global sales in 2017 surge 25.5 percent to 9.66 billion euros ($11.93 billion), with Asia-Pacific accounting for 28 percent.
China's contribution towards the company's global sales has increased from 7 percent in 2005 to current 13 percent. During the same period, its sales revenue surged 165 percent from 472 million euros to 1.25 billion euros.
"We follow Chinese market trends closely. On May 5, 2017, we witnessed the first successful flight of China-made C919 large aircraft using Lanxess lubricant additives, and on March 14 this year, we launched ground-breaking new high-performance plastics factory in Changzhou in Jiangsu province.
Among all the promising sectors, China's rapidly developing new energy automotive segment, as well as electrical and electronic industries, are expected to create huge market potential.
Earlier in March, the Cologne-based company started the construction of its high-performance plastics plant in Changzhou, which is tailor-made for the automotive sector and the electrical and electronics industries.
With an investment of 20 million euros, the plant has a capacity of up to 25,000 metric tons high-tech plastics annually. It is expected to start production in the second quarter of 2019.
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