LANXESS sets its sights on Turkey's growing market

Sales in Turkey have nearly tripled since 2009

20-Jun-2012 - Turkey

specialty chemicals company LANXESS plans to expand further in the Turkish market. It takes one important step in this direction by officially opening its new subsidiary in Istanbul. LANXESS Kimya Ticaret Ltd. Şti. will manage the company’s business in this growing market in the future. LANXESS generated record sales in Turkey in 2011 amounting to some EUR 125 million, nearly triple the amount achieved in 2009.

"The establishment of our new subsidiary in Turkey represents another milestone on our global growth path. Turkey is tremendously important to LANXESS, not only because of its geographical location between East and West, but also as an engine for growth in the entire region," remarks Axel C. Heitmann, Chairman of the Board of Management of LANXESS AG. The company anticipates that the Turkish economy will grow between 4 and 5 percent a year between 2013 and 2016, significantly faster than Western Europe.

LANXESS markets its entire range of products in Turkey, from high-performance polymers and specialty chemicals to quality chemical intermediates. Activities focus on high-performance rubber products, rubber chemicals and high-tech plastics for the automotive sector, as well as color pigments for the construction industry. LANXESS previously organized its operations in the country via external distributors.

The most important sectors in Turkey for LANXESS are the automotive and tire industries. The company expects the automotive industry in Turkey to grow by 8.5 percent in 2013 and then 3.5 percent per year from 2014 to 2016. In the construction industry, LANXESS foresees growth rates of between 4 and 5 percent in the upcoming years.

The new company will initially start off with 20 employees under the management of Ömer Bakir, general manager of LANXESS Kimya Ticaret Ltd. Şti.

https://www.chemeurope.com/en/news/138435/lanxess-sets-its-sights-on-turkey-s-growing-market.html