Germany's Wacker sees bright future in China

German chemical group Wacker said on Thursday it will continue to expand its business profile in China, with investment in the technologies of cement, food and electric vehicles, as a way to counter negative factors including policy risks.

Paul Lindblad, president of Wacker Chemicals (China) Co Ltd, said innovation is “the best way” to overcome temporary setbacks as Wacker China reported sales of 1.05 billion euros (US$1.19 billion) in 2018, down 13 percent year on year.

The downward performance was mainly due to a reduction in photovoltaic subsidies that hit demand for one of Wacker's top products, polysilicon.

“We will come up with new value-added products that people are willing to pay for,” Lindblad said on Thursday during a media briefing.

This month, Wacker inaugurated a technical competence center for cement and concrete in Shanghai, following the setup of a new food application lab in the city in March.

And a new e-mobility competence center is also scheduled to open in Shanghai in the middle of this year, which will be Wacker's first new energy vehicle center outside Germany.

“The new facilities reflect China’s increasing role in Wacker’s global technology network,” Lindblad said.

“We are confident in China’s economy and in the government’s determined efforts to open up markets here. And we will continue to invest in China in 2019 and beyond,”Lindblad said.