ESSEN, Germany—German-based chemicals company Evonik Industries A.G. will launch a global investment initiative to strengthen its technology platform for specialty silicones, the company said.
Overall, Evonik plans to invest a “triple-digit-million-euro amount” in the coming years and gradually increase the production volume of specialty silicones.
“With our investment initiative, we want to strengthen our position as a technology leader and reach new market opportunities,” Patrik Wohlhauser, Evonik executive board member and chief operating officer, said in a statement.
In Essen, the company is putting the expansion of a plant for the production of these special products into operation. The investment for this expansion, although not specified, is believed to be in the double-digit-million 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, which initiated plans to expand the Shanghai, China, plant with a new production complex for specialty silicones. The company did not specify the amount of investment in China.