Company News, 2007-03-22, 10:04 AM
ThyssenKrupp Services expanding further in Asia
The Düsseldorf-based ThyssenKrupp Services AG is further expanding its operations in Asia, where the materials service company ThyssenKrupp Materials Vietnam LLC has now started operating in the Vietnamese Industrial Zone of Vin Phuc Province (25 km from Hanoi, the economic centre of Northern Vietnam). The new company will be run with a local partner as a joint venture under its General Manager, Henk de Jong.
ThyssenKrupp Materials Vietnam employs some 50 people and will specialize initially in the value-added processing, marketing and warehousing of stainless steel as well as nonferrous metals, especially copper and aluminum. The range of materials will be supplemented in the short to medium term by additional ranges of steel and plastics and then systematically expanded, elevating the company to the level of a full-line supplier.
"Vietnam is after China one of the strongest-growing markets in Asia. There will be very heavy investment in the local infrastructure in the coming years. We intend to play an active part in this expansion and consequently to grow our business strongly," comments Joachim Limberg, ThyssenKrupp Services Executive Board Deputy Chairman, explaining the move. Vietnam, which joined the WTO at the start of 2007, is comparable with Germany in terms of its area and population.
The government greatly welcomes foreign investment. ThyssenKrupp Materials Vietnam plans to open another site in Ho Chi Minh City, probably during the current year, giving the company a presence in the country's two largest industrial regions.
As Limberg notes, "The Vietnamese materials market is still organized very much at local level as well as being very fragmented. We are contributing our vast international experience, on the other hand, so that we can achieve a leading position speedily. We also plan to interlink all our materials services activities across Asia – including in China, Singapore, Thailand and South Korea."
For ThyssenKrupp Services, Asia is a very interesting growth market in which some 1,400 of its employees currently work. Further acquisitions or joint ventures as well as closer integration with materials service operations in the USA and in Europe are conceivable.