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Wanhua BorsodChem sales rise but miss target

Sales and output of Hungary's Wanhua BorsodChem rose last year, but the Chinese-owned chemicals company "failed to achieve the original targets", CEO Jiansheng Ding said in Monday's issue of daily Népszabadság.

Ding said the company was trying to use synergy within the group to meet the challenge of the economic crisis. He added that Chinese owner Wanhua had spent €320 million to complete BorsodChem's TDI-2 plant, improve technology at its MDI plant and give the company liquidity.

Ding said that if the Hungarian government could improve the investment environment, other Chinese companies could follow Wanhua's example of success.