Engineering Thyssen Krupp Industrial Solutions Further Invests in Thailand
Thyssen Krupp Industrial Solutions, the plant engineering and construction specialist of the Thyssen Krupp Group, has celebrated its 25th Anniversary in Thailand and announces further investments to strengthen its position as one of the leading plant engineering companies in the region.
Essen/Germany, Bangkok/Thailand – Representatives from the government, customers from major industries and employees attended the announcement in Bangkok. Jens Michael Wegmann, Member of the Executive Board and Chief Operating Officer of Thyssen Krupp Industrial Solutions: “We are proud to have accompanied Thailand’s modernization progress through partnering on a number of landmark projects in the last 25 years. Today, about half of our around 1,000 employees in the Asia-Pacific region are based in Thailand, which serves as a major hub for our operations in the region and will play an important role in reaching our growth targets in the Asia-Pacific region.”
As part of its growth strategy, Thyssen Krupp Industrial Solutions is expanding its Specialty Chemical and Oleochemical Technology Portfolio through acquiring technologies for the production of special industrial chemicals based on renewable raw materials from Inventa Technologies, Singapore.
In order to further strengthen its regional footprint, the company will also invest into a new research and development (R&D) center in Rayong (Thailand), including pilot plants and laboratory infrastructure. The R&D center will complement the existing engineering hub in Thailand, making it the technology and competence hub for Oleochemical Technologies within Thyssen Krupp Industrial Solutions. The company commits to invest more than USD 20 Million into the new technologies and related acquisitions.
Detlef Sudmann, Managing Director of Thyssen Krupp Industrial Solutions in Thailand: “The acquisition of Inventa’s well recognized technologies showcases both our commitment to the region and our determination to expand our technology portfolio into strategic growth markets.”
The acquisition comprises three technology platforms in the fields of alkoxylation, esterification as well as fatty amines. The current worldwide production capacity in these fields is estimated at 7 million tons per annum, and can be found in the cosmetics, food, health supplements and pharmaceutical sectors. Fatty amines are also used in applications for the oilfield, metal and agrochemicals industries.
The major drivers for these investments are the projection of strong population growth particularly in Asia-Pacific, as well as the increasing focus on environmentally friendly solutions in emerging countries and the Americas. The estimated market growth rate, for these technologies, in Asia Pacific is 8.5 % compared to an expected global market growth rate of about 6 %.