Wacker’s expansion to tap high growth potential
Print Edition
GERMAN chemicals producer Wacker will expand its research center in Shanghai to develop products used in cosmetics and food as it aims to tap the high growth potential in China, it said yesterday.
Wacker’s research center in Shanghai is expanding development of silicon products which provide additives in cosmetics and building construction. The company will also set up a laboratory in 2018 that will specialize in bio-chemical products used in food, said Paul Lindblad, its president for China.
The company hired 20 percent more researchers last year compared with 2015, and “will continue to post a double-digit growth in the years to come,” Lindblad added.
China contributed over a quarter to Wacker’s global sales of 5.4 billion euros (US$5.8 billion) last year, “making it the largest and most important market for us,” Lindblad said.
Chinese consumers spent 14 percent more buying cosmetics and 4.6 percent more on food in the first quarter of this year compared with a year ago, according to the National Bureau of Statistics.
Although its China sales of silicon products fell last year, Wacker “will enhance efforts on research in these products because we see great potential here,” Lindblad said.
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