Our ambition to achieve revenue of $3 billion in China by 2015 gathered strong momentum during 2011, boosted in particular by the acquisition of Boxing Oleochemicals. Based in the province of Shangdong, Boxing is China’s leading producer of specialty surfactants. With the acquisition now finalized, Boxing is being integrated into our Surface Chemistry business, giving us a strong local manufacturing footprint in the region.
We are already a global leader in the manufacture and supply of specialty surfactants and synthetic and bio-polymer additives. What’s significant about this deal is that Boxing’s leading market position in nitrile amines and derivatives will complement our existing global activities and help us accelerate growth in Asia, where demand for amines and derivatives is expected to increase significantly over the next few years.
Our Surface Chemistry business supplies products that are used as formulation ingredients and process aids in many applications, ranging from home and personal care to agrochemicals and asphalt road paving. Demand in Asia for these products is being driven by population growth, an expanding middle class, increased focus on sustainability and expanding infrastructure. In fact, a third of Asian demand for amines comes from China alone.
We’re looking to enhance the process capabilities and increase capacity at Shangdong by introducing our state-of-the-art manufacturing technology. In addition, we will locally produce our existing global products and use our combined expertise to develop new products to support the unique needs of our Chinese and Asian customers.