AkzoNobel's Ningbo inauguration provides organic growth momentum
AkzoNobel officially opened its €275 million Ningbo multi-site in China today, providing further momentum for the company as it enters a new phase of accelerated, sustainable growth.
"We recently announced our medium-term Value and Values ambitions, which include achieving total revenue of €20 billion and doubling revenue in China," said AkzoNobel CEO Hans Wijers. "Today's inauguration underlines the fundamental role new investment will play in those growth ambitions and shows how committed we are to expanding organically in the exciting and vibrant Chinese market."
Occupying a 50-hectare plot, the company's Functional Chemicals business is already producing chelates in Ningbo. The same business also plans to start up new ethylene amines and ethylene oxide factories at the site before the end of the year, with an organic peroxides facility due to come on stream in 2011. The products produced in Ningbo will serve a number of markets including the building and construction, cleaning and detergents, food preservation, oil, personal care and pulp industries.
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