Essen, Germany – German-based chemicals company Evonik is to launch a global investment initiative to strengthens its technology platform for speciality silicones, the company announced 23 March.
Overall, Evonik plans to invest a “triple-digit-million-euro amount2 in the coming years and gradually increase the production volume of speciality silicones.
"With our investment initiative we want to strengthen our position as a technology leader and reach new market opportunities" says Evonik executive board member and chief operating officer Patrik Wohlhauser.
In Essen, the company is currently putting the expansion of a plant for the production of these special products into operation. The investment for this expansion, although not specified, is announced to be in the double-digit-million-euro range.
Evonik says that with the expansion, it is responding to the continued market growth in recent years, driven mainly by the construction, textile, coating, furniture and appliance industries.
According to Evonik, demand was particularly strong in Asia, hence plans to expand the Shanghai, China, plant with a new production complex for speciality silicones. The company did not specify the amount of investment in China.