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Germany's Lanxess to invest 1 bln euro globally on expansion

Mon Feb 25, 2008 10:00pm EST

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SINGAPORE, Feb 26 (Reuters) - German chemicals group Lanxess AG (LXSG.DE) said on Tuesday that it will invest 1 billion euros ($1.48 billion) over the next three years on new plants and capacity expansion around the world.

The company expects raw material prices like petrochemicals to remain high, Chief Executive Axel Heitmann told reporters on the sidelines of an event to announce an investment in a rubber plant in Singapore.

"We believe volatility will remain high. It has been our company policy to pass on higher raw material prices into the market in a timely manner. We have been very successful in doing that," he said.

(Reporting by Jennifer Tan; editing by Kevin Lim)

(jennifer.tan@reuters.com; +65-6403 5660; Reuters Messaging: jennifer.tan.reuters.com@reuters.net) ($1=.6754 Euro)


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