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2006-11-14 News Release

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Chemicals group goes solo in South Korea

To further increase profitable growth in the important Asia Pacific region, Lanxess chemicals group establishes separate legal entity in South Korea.

Further implementing its drive in Asia, LANXESS will run its operations in South Korea through its own separate legal entity starting January 1, 2007. “South Korea is an increasingly important market for us,” said Lanxess Management Board member Martin Wienkenhover, commenting on the decision. “The establishment of our own company is another milestone in our efforts to increase profitable growth in Asia.” In 2005 LANXESS sales in South Korea were up almost 16 percent compared to the previous year and relative to the same period in 2005, sales in the first half of 2006 rose again by around 18 percent. Lanxess’s Korea operations have so far been run through an agency agreement with Bayer Korea Ltd.

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The Managing Director of the new company Lanxess Korea Ltd. based in Seoul will be Ko JeWoong, a Korean national who is currently in charge of the companies agency business at Bayer Korea Ltd. Ko has 25 years experience as a manager at Bayer Korea Ltd. He was head of Bayer Chemicals in Korea from 2004 to 2005 and took over the agency business for Lanxess in 2005. Sales for the company in 2005 in South Korea totaled approx. EUR 88 million, making the country one of the top five markets for the chemicals group in Asia.

The Asia Pacific region is of central importance for the company that achieved a growth of around 21 percent here in 2005, compared with 15.8 percent in 2004. Sales grew strongest in the segments of Performance Rubber, with an increase of almost 30 percent, and Engineering Plastics with an increase of more than 26 percent. In 2005 Asia Pacific’s share of the companies total sales was around 17 percent.

This significant development was made possible through the commissioning of new and additional production plants. Lanxess doubled investments in Asia last year and continued this development in 2006. In China alone the chemicals group commissioned two new plants. In future too the company is backing profitable growth in the Asia Pacific region. Martin Wienkenhover remarked: “Our radar is constantly in action. We want to share in the growth in Asia and are doing so through targeted investments“.

To push its expansion plans in Asia forward, Lanxess will employ up to 1,000 new people in the region over the next three years, and currently employs about 2,000 people in Asia.
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Read a recent press release from Lanxess about - New fatliquoring active ingredient chemicals combination is a flame retardant leather finishing treatment for aircraft and automotive construction.

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