Amsterdam, The Netherlands -- AkzoNobel's ambitious growth plans for Asia include the aim of doubling its current revenue in China within five years to $3000 million. China poised to play an integral role in AkzoNobel's strategic focus on the world's growth regions, the paints and coatings group said in a 1 July statement.
"The importance of Asia, particularly China, has long been emphasized by our company and we are committed to expanding in the region, as recent investments have shown," said AkzoNobel ceo Hans Wijers. "Not only is China an important growth engine, but it is also rapidly establishing itself as a great centre of innovation. It's moving from made in China, via developed in China to innovated in China, and we believe it will become a global powerhouse for science, technology and invention. AkzoNobel wants to make its contribution to that journey."
Speaking during the presentation of the AkzoNobel Science Awards at the Shanghai World Expo, Wijers went on to highlight the company's new €275-million ($346-million) Ningbo site and recent investments in new laboratory facilities as prime examples of the company's ambitions in a country which is destined to become the most innovative in the world. Attracting the right talent, he added, would also be extremely important.
"The investments we are making will fuel our accelerated growth in China and beyond," Wijers commented, in the company statement.
"Enhancing our technological capabilities in China is crucial if we are to realize our growth ambitions. As the world's largest coatings and speciality chemicals company, we are determined to continue leading technology and product development and successfully bring new products to market via our global brands such as Dulux, International and Eka."
AkzoNobel currently employs around 6500 people in China, with the country hosting 11 percent of the company's R&D resources. Revenue for 2009 totaled $1500 million.