Hoechst To Double Asian Sales; Good Interims

German pharmaceuticals and chemicals major Hoechst AG is to invest about $1.8 billion in Asia and will double its sales in the region by the end of the century. Horst Waesche, a member of the group's management board, speaking in India's capital Bombay, said that $578 million would be earmarked for India alone.

Mr Waesche added that "while we have been strong traditionally in Europe, and have built a position in North America by merging Celanese and Marion Merrell Dow into the group, we are still markedly under-represented in the prospering region of Asia." Asia accounts for one-fifth of the entire world trade, while Hoechst's Asian business amounted to one-tenth of its worldwide turnover last year.

The company aims to improve this ratio by the year 2000 by gearing organizations to the requirements of Asian markets and investing in new ventures. Mr Waesche said the group planned to invest in new manufacturing projects in Asia, mainly in joint ventures with local partners. He added that in terms of a regional hub for sourcing and production, with "an equally potent home market, India clearly showed its merits." The group is also negotiating a number of joint ventures in China.