ALTANA Chemie Extends China Commitment

11-Dec-2003

Altana Chemie AG, Wesel, is concentrating on the Asian market. With retroactive effect from July 1, 2003, ALTANA coatings & Sealants has increased its stake in the existing joint venture of China's Shunde Rhenacoat Coating Co. Ltd. from 51% to 100%. By acquiring the remaining shares in Shunde Rhenacoat, the ALTANA Chemie business unit, Coatings & Sealants, is extending its position in China, enabling faster technology transfer to take place and itself to respond even more rapidly to individual customer demands in this market of the future.

Shunde Rhenacoat is a specialist for the packaging sector and industrial applications, and maintains a production site in Shunde in Guangdong province. ALTANA Coatings & Sealants with 876 employees made sales of EUR221m in 2002. This acquisition has placed the specialist chemicals manufacturer ALTANA Chemie in an optimum position in China. Each business unit is represented in China with its own companies and local production.

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