Specialty chemicals company Lanxess plans to expand further in the Turkish market. It takes one important step in this direction by officially opening its new subsidiary in Istanbul.

Lanxess Kimya Ticaret will manage the company's business in this growing market in the future.

Lanxess generated record sales in Turkey in 2011 amounting to some €125 million, nearly triple the amount achieved in 2009. The company anticipates that the Turkish economy will grow between 4 and 5% a year between 2013 and 2016, significantly faster than Western Europe.

Lanxess markets its entire range of products in Turkey, from high-performance polymers and specialty chemicals to quality chemical intermediates. Activities focus on high-performance rubber products, rubber chemicals and high-tech plastics for the automotive sector, as well as color pigments for the construction industry. Lanxess previously organized its operations in the country via external distributors.

The most important sectors in Turkey for Lanxess are the automotive and tire industries. The company expects the automotive industry in Turkey to grow by 8.5% in 2013 and then 3.5% per year from 2014 to 2016. In the construction industry, Lanxess foresees growth rates of between 4 and 5% in the upcoming years.

The new company will initially start off with 20 employees under the management of Ömer Bakir, general manager of Lanxess Kimya Ticaret Ltd. Åžti.