Mar 13 2006
ThyssenKrupp Services AG, Düsseldorf, Germany, is branching out globally: in Asia, the services segment of the ThyssenKrupp Group presently generates sales of around $140 million in materials services with a local workforce of several hundred. Medium-term plans envisage a doubling of Asian sales.
In Shanghai, one of China's most exciting economic regions, the materials services provider ThyssenKrupp Materials (Shanghai) Co., Ltd. has now officially started business. The company specializes in stocking and value-adding processing of chiefly nonferrous metals and plastics. "Nowhere in the world is demand for materials and industrial products growing as rapidly as in China. Given this dynamic scenario, we intend to increase our commitment," comments Joachim Limberg, Executive Board member of ThyssenKrupp Services, on the direction being taken. In the medium term, ThyssenKrupp Materials, Shanghai, is aiming at annual sales of $120 million.
ThyssenKrupp Services has a 70-percent stake in this new joint venture. Holding a 30-percent stake, the materials trading company Leong Jin Corp. Pte. Ltd., headquartered in Singapore, is its partner. Says Limberg: "With our associate we have an expert on the Chinese economy at our side, with whom for years now we have a successful cooperation on other Far Eastern markets, too." Leong Jin, in which ThyssenKrupp Services also holds 30 percent, generated sales of around $80 million in 2005 and has branches in Malaysia, China, and Thailand.
http://www.thyssenkrupp.com