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N E W S
December, 2006
Chemicals company Celanese Corp. on Tuesday said it plans to move management of its acetlys business to China early next year to handle rapid growth in the region.
The company also named John O'Dwyer, acetyls business president, to the additional role of president of the company's Asia business. O'Dwyer is expected to work from the company's Shanghai office.
Acetyls are used in plastics, paints and inks. The company's Asia business "has experienced tremendous growth in the past decade," said President and Chief Executive Dave Weidman. Asia accounts for about 30 percent of the company's earnings today. By 2010, Celanese expects Asia to contribute 45 percent to 55 percent of its total profit. The current presidents of Celanese China, Josh Cheng, and Celanese Japan, Jiro Okada, will report to O'Dwyer and continue to focus on their respective businesses and regions.
Innovation is the buzzword in China these days. The mainland overtook Japan this year to become the world's No. 2 investor in R&D after the U.S. The government has declared that by 2010, China will be an innovative society.
As the trade talks began, China's central bank set the official, or parity, rate for the yuan at a record high 7.8197. In July 2005, China revalued the yuan by 2.1 percent to 8.11 yuan per dollar. Since then, it has gained about 3.6 percent against the dollar.